|It´s official: IIRC and SASB merge
In June, the IIRC and SASB unified under one global organization, the Value Reporting Foundation, making their last year´s announcement official. In addition to better aligning the Integrated Reporting Framework and the SASB Standards, they are also committed to work with the International Financial Reporting Standards (IFRS) Foundation and other standard setters to help harmonize and optimize the reporting landscape
|Focusing on nature
Various developments have been recently announced focusing on nature and biodiversity with the launch of the Taskforce on Nature-related Financial Disclosures (TNFD), ?BNP Paribas Asset Management and CDP partnering to explore and support the development of common biodiversity corporate reporting metrics and the release of the report from IPCC-IPBES on biodiversity and climate change. The TNFD aims to release its framework by 2023 for organizations to report and act on evolving nature-related risks.?
|Reality of materiality
A recently launched report by WBCSD in collaboration with the Erasmus School of Economics dives into current ESG materiality assessment practice including some of the main challenges and opportunities for companies. Although stakeholders are asking for robust ESG information, practice in assessing and reporting on material ESG topics remains varied. This report aims to provide insights and clarity around the main ESG materiality decisions and challenges based on an analysis of over 550 company reports, 20 company interviews and existing guidance and literature.
|G7 call for mandatory climate disclosures
The G7 finance ministers – Canada, France, Germany, Italy, Japan, the UK and the US – called for making disclosure of climate-related financial risks mandatory for companies. The ministers supported the Task Force on Climate-Related Financial Disclosure (TCFD) recommendations but did not give an indication of a timeline. Currently, over 110 governments and regulators across the globe support the TCFD including Belgium, Chile, France, Japan and Sweden with New Zealand and the UK having announced upcoming compulsory disclosure aligned with TCFD. With increasing expectations, companies are also increasingly turning to auditors to verify their sustainability data.
|Country updates on the Reporting Exchange
Be sure to check out the updated and checked Reporting Exchange country provisions providing an overview of the ESG reporting landscapes such as Australia by Business Council for Sustainable Development Australia and ZOOiD, UK by CDSB, France by Epe with Deloitte and Finland by FIBS. A big thank you to all who have contributed so far. Want to get involved? Contact [email protected] for more information.
- The SASB Standards Board invites comments on their Raw Materials Sourcing in Apparel by 2 September in addition to other active projects open for general feedback.
- The TCFD is currently seeking public comment on two documents by 7 July: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans and the associated Measuring Portfolio Alignment: Technical Supplement.
- The Global Investors for Sustainable Development (GISD) Alliance, a group of institutional investors convened by the UN Secretary-General, has taken on the definition of key sector-specific impact metrics that are now open for public consultation until 15 July.
- The Global Sustainability Standards Board (GSSB) and GRI Secretariat have two new Sector Standards covering coal and agriculture, aquaculture, and fishing available for public comment until 30 July.
- New Industry Tracker will analyze the net-zero potential heavy emitting industries like steel
- GRI commissioned white paper on the double-materiality concept – Application and issues by Carol A. Adams et al.
- New report by WBCSD in collaboration with KPMG covers insights into current risks impacting the energy system that is intended to help companies more effectively assess their exposure to energy system challenges and opportunities and build solutions going forward.
- UNCTAD has launched its ISAR Honours 2021. As its previous editions since 2018, “ISAR Honours” aims to raise awareness and facilitate dissemination of national and international best practices on sustainability reporting. For more information and to apply before 10 July, see here.
- Register for a webinar 10 am (BST) 7 July for insight, findings and recommendations from WBCSD’s and KPMG’s report on the application of an enhanced, network-focused risk assessment technique – KPMG’s Dynamic Risk Assessment methodology – to the risk landscape, representing company perspectives operating across the energy system.
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