According to a report recently issued by the IFRS Foundation, more than 30 jurisdictions have pledged to adopt or are working to adopt the ISSB disclosure standards, representing nearly 57 percent of the world’s GDP and more than half of the world’s total greenhouse gas emissions. This is significantly up from over 20 jurisdictions reported to be in line for adoption back in May 2024.
The ISSB was formed during the COP26 climate conference in November 2021 in order to draw the IFRS Sustainability Disclosure Standards meant to deliver on the mandate of investor-friendly sustainability information. In June 2023, the first two standards came: IFRS S1 general sustainability, and IFRS S2 climate-specific. Both have been promoted by IOSCO, which has called for regulators to integrate the standards into sustainability reporting frameworks.
The report indicates that 16 jurisdictions have completed decisions to adopt the ISSB standards, while 14 others are close to making a decision.