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The Financial Stability Board (FSB) welcomes the publication today by the International Sustainability Standards Board (ISSB) of its final standards on general sustainability-related disclosures and on climate-related disclosures, which are based on the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD).
"I look forward to the International Organization of Securities Commissions (IOSCO)’s consideration of endorsement of the standards. If so endorsed, the ISSB standards will strengthen the comparability, consistency and decision-usefulness of climate-related financial disclosures around the world.”
The ISSB issued finalised Standards, IFRS S1 on general sustainability-related disclosures and IFRS S2 on climate-related disclosures, on 26 June 2023. They are available on the ISSB website.
The FSB published a Roadmap for Addressing Financial Risks from Climate Change, which was endorsed by the G20 in July 2021. The Roadmap sets out a comprehensive and coordinated plan for addressing climate-related financial risks, including steps and indicative timeframes. The Roadmap covers four focus areas in total: firm-level disclosures, data, vulnerabilities, and regulatory and supervisory practices and tools. A progress report on the Roadmap was published in July 2022 and a further progress report will be published in July 2023.