COP26 has been a momentous occasion for us at CDSB, with the announcement of the formation of the IFRS Foundation’s International Sustainability Standards Board (ISSB). If you remember how climate activists felt when leaders at COP21 in 2015 signed the Paris Agreement, then you have a glimpse into how elated we are. Not only will CDSB converge into the ISSB, along with the Value Reporting Foundation, but we have also already given the ISSB a running start by contributing to the new climate and general disclosure prototype.

On top of the CDSB Framework for reporting climate-related information, at COP26 in Glasgow, we launched other useful tools to help organisations disclose decision-useful information. These include a Water Guidance, an Accounting for Climate Supplementary Paper 1, TCFD Good Practice Handbook (second edition, 2021), Net Zero discussion paper, and a downloadable Climate Risk Card Game. But that’s not all, we announced an upcoming Biodiversity Guidance and guidance for Corporate Reporting on Social Issues.

Catch up on any of the events you missed below:

Erkki Liikanen, Chairman, IFRS Foundation, introduces the ISSB

As world leaders meet in Glasgow for COP26, the UN global summit to address the critical and urgent issue of climate change, the IFRS Foundation Trustees announce three significant developments to provide the global financial markets with high-quality disclosures on climate and other sustainability issues:

  • The formation of a new International Sustainability Standards Board (ISSB);
  • Consolidation of the Climate Disclosure Standards Board and the Value Reporting Foundation; and
  • The publication of prototype climate and general disclosure requirements

Together, these developments fulfil the growing and urgent demand for streamlining and formalising corporate sustainability disclosures.

IFRS Foundation, CDSB and VRF chairpersons give an update on the ISSB

Clara Barby, CEO, Impact Management Project interviews:

  • Erkki Liikanen, Chair of the IFRS Foundation Trustees;
  • Richard Sexton, Co-Chair of the Value Reporting Foundation Board; and
  • Richard Samans, Chairman of CDSB.

Special appearance from Michael Bloomberg, Chairman, TCFD; Chair Emeritus, Value Reporting Foundation.

Accelerating water-related transparency and action for the financial sector

By deciding what companies to invest in, financial institutions have an enormous impact on the global economy. To achieve a net zero and water secure economy, all stakeholders must have all hands on deck. The finance sector is no exception. CDP, along with WFN and Mercer, have initiated a project, supported by the Dutch Valuing Water Initiative, to improve transparency on water amongst financial institutions by developing the first ever set of water security reporting metrics for the finance sector. Disclosure by financial institutions sets the foundation for the range of emerging initiatives working to accelerate action by the financial sector on water

In this event, we explored with leaders in finance and water the impact these initiatives could catalyse in the wider economy, and how financial institutions should be and are reacting as the global water crisis intensifies with climate breakdown, as underscored by the IPCC’s Sixth Assessment Report. The event was held in collaboration with CDP and SIWI. 

Accounting for climate: practical guidance to incorporating TCFD

Tue 2 nov 2021 16:00 Theater Accounting for climate: Practical guidance to incorporating the TCFD recommendations into your corp from Slidecrew on Vimeo.

The impacts of climate change are compelling regulators around the world to act. The SEC, EU and G7, for example, are looking to address these climate pressures and showing support through expanding mandatory disclosure laws. This has brought the role of accountants to the forefront. Partnering with International Federation of Accountants, CDSB brought global professional accounting bodies representing over 3.5 million accountants to discuss and connect them to the UNFCCC’s climate action process, raise awareness of their respective roles, and help them to understand how accountants can be part of the solution to the climate crisis.

Achieving a global baseline for corporate sustainability reporting

wed 3 nov 2021, 11:30 Boardroom Mobilizing Finance for climate friendly cooling in developing countries from Slidecrew on Vimeo.

Regulators are moving towards mandatory sustainability reporting in a fragmented reporting landscape. The Task Force on Climate-related Financial Disclosures (TCFD) recommendations has been widely supported and applied by organisations across sectors and jurisdictions. Yet, individual countries have different domestic arrangements for adopting, applying, or supporting the TCFD. Could this lead to inconsistent and incomparable disclosure? In this panel discussion, we looked at the challenges and key steps needed for consistent, comparable, and decision-useful sustainable disclosure for investors globally. The event took place in collaboration with We Mean Business.

The Role of Stock Exchange CEOs: How stock exchanges can tackle the climate crisis

Setting a commitment to achieve net zero by 2050 is an important means of demonstrating ambition to limit warming to 1.5C in line with global ambitions. Stock exchanges can advocate company to provide decision-useful information to their investors on their net zero commitment. The event took place in collaboration with the UN Sustainable Stock Exchanges Initiative.

Net-Zero beyond climate: turning commitments into action

Climate change is not the only driver of nature loss. In the race to Net Zero, it is imperative that we recognise the connectivity of climate and environmental risks. What actions can be taken now to ensure that our global economy is resilient, and the society thrives in the future? This event took place as part of the COP26 EU side events programme.

Mandating private sector climate risk disclosures - approaches to building climate-resilient capital markets

This high-level forum, hosted by New Zealand and CDSB, showcased national approaches from around the world to incentivise the implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Learn about innovative strategies from New Zealand, UK, and Brazil.