Following the publication of the International Sustainability Standards Board’s (ISSB) inaugural standards, IFRS S1 and IFRS S2, the IFRS Foundation and the International Organization for Standardization (ISO) have committed to future cooperation towards effective communication of information about sustainability-related risks and opportunities.
ISO 14000 Environmental management and greenhouse gas emission standards can help companies that have sustainability and climate commitments implement them, and support disclosures in line with IFRS S2.
Companies that have implemented such management system standards will be well placed to communicate with investors using the ISSB Standards.
As ISO Standards support consistent approaches internationally in the internal management of sustainability-related matters, ISO supports the work of the ISSB to establish a global baseline of sustainability-related financial disclosures.
Furthermore, ISO and the IFRS Foundation have committed to advancing capacity building initiatives that focus on supporting organisations to build internal expertise and understanding that advance practices and reporting.
IFRS Foundation managing director Lee White said: “The old adage says ‘you manage what you measure’ – the link between effective management processes for sustainability-related risks and opportunities and high-quality disclosures is clear. We look forward to working with ISO to highlight this link further in support of the implementation of the ISSB Standards.”
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ISO secretary-general Sergio Mujica said: “ISO brings together experts to share knowledge so that we can support innovation and provide solutions to global challenges. Arguably, climate-related issues pose one of the greatest challenges of a generation. We are best placed to tackle these challenges when we work together, and as such we are delighted to reaffirm our shared commitment to work with the IFRS Foundation, including through capacity building initiatives.”
The IFRS Foundation and ISO spoke at a COP28 session as part of the official UNFCCC programme on Sunday 3 December