Driving climate action: Sustainability reporting standards demanded

KARACHI: At the COP28 conference engaging the United Nations, four leading global bodies have called for concerted action, to ensure sustainability reporting standards that can provide better information for the decision makers, driving climate action across the business world.

They underlined the potential and importance of a global approach to channel more equitable investment. While the ‘International Sustainability Standards Board’ (ISSB) - effective from 2024, are focused on development of skills, capacity and sharing of knowledge.

Panellists at ‘Sustainability disclosures driving climate action’ represented: ACCA (the Association of Chartered Certified Accountants), the International Organization of Securities Commissions (IOSCO), the International Federation of Accountants (IFAC) and the ‘ISSB’ highlighted the need to meet the demands of capital markets. Such Corporate reporting also helps avoid green washing; maximises harmonized standards and capacity-building and provides the knowledge required.

At the event, in the ICC Pavilion - Helen Brand, Chief Executive, ACCA, said: “Consistent and comparable sustainability reporting will drive change and unlock new opportunities, not only for businesses, but for the investor community and other important stakeholders. The accountancy profession has a central role in Climate-Action and Responsible practices in the public-interest.”

Professional Accountants, globally, are adopting the ISSB’s standards in sync with the United Nations. IFAC is an official observer organisation to the United Nations Framework Convention on Climate Change (UNFCCC).

Copyright Business Recorder, 2023