Consortium provides prototype climate-related financial disclosure standards, following earlier pledge to collaborate.
By Paul A. Davies and Michael D. Green
A group of leading sustainability and integrated reporting organisations has published a paper addressing standards for reporting on enterprise value and presenting prototypes of climate-related financial disclosure standards (the Paper). The co-authors include the Carbon Disclosure Project (CDP), the Climate Disclosure Standard Board (CDSB), the Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC), and the Sustainability Accounting Standards Board (SASB) (the Organisations). The Organisations released the paper on 18 December 2020, several months after pledging to collaborate to provide market guidance on sustainability standards.
On 25 November 2020, the Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) announced that they are merging into a unified organisation, the Value Reporting Foundation. This move reflects an effort to provide investors and corporates “with a comprehensive corporate reporting framework across the full range of enterprise value drivers and standards” and recognises “the need for data-driven information”.
A group of leading sustainability and integrated reporting organisations — including the Carbon Disclosure Project (CDP), the Climate Disclosure Standard Board (CDSB), the Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC), and the Sustainability Accounting Board (SASB) — have pledged to work together on the harmonisation of sustainability standards. In the document, which was published on 11 September 2020, the organisations commit to collaborating together by providing joint market guidance on sustainability standards while also building a shared vision of how such standards could complement generally accepted financial principles.