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 confirmed their shared commitment to cooperate to support efficient and resilient global economies. Both organisations recognise that working together in areas of common interest is in the public interest.
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 robust 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 truly global baseline of sustainability-related financial disclosures.
Furthermore, ISO and the IFRS Foundation are committed to advancing capacity building initiatives that focus on supporting organisations to build internal expertise and understanding that advance practices and reporting.
IFRS and ISO were speaking at a COP28 session as part of the official UNFCCC programme.
‘Credible and accountable climate commitments: we can’t do it alone’
This session addresses the proliferation of criteria and benchmarks to verify climate action. It will explore how to achieve greater coherence between disclosure, action and verification standards.
- Achim Steiner, Administrator, UNDP
- Ulrika Francke, President, ISO
- Lee White, Managing Director, IFRS
- Fiona Watson, Senior Director of Redefining Value, WBCSD
- Sarah Mukherjee, CEO, IEMA
- Scott Steedman, Director of Standards, BSI