The International Society of Sustainability and Business Standards Board (ISSB) has voted to require companies to apply the current version of the GHG Protocol corporate standard for their greenhouse gas emissions. The ISSB will develop relief provisions to help companies apply Scope 3 requirements. This could include giving companies more time to provide Scope 3 information and work with jurisdictions on so-called “safe harbour” provisions.
Clarification of the key concepts of the proposed standard on general requirements
– The ISSB has confirmed that its requirements will aim to meet the information needs of investors.
– The ISSB has also confirmed that it will use the same definition of material as used in IFRS accounting standards and will discuss at a future meeting the need to provide additional guidance on how to determine what is important information.
Facilitate interoperability with jurisdictional requirements
– The ISSB prioritized several key topics for decision-making at its October meeting to facilitate ongoing dialogue with jurisdictions working on specific disclosure requirements, such as the EU, for s ensure that the ISSB’s global sustainability disclosure baseline is interoperable, and expandable, with specific jurisdictional requirements.
– These include confirming the use of the Task Force on Climate-related Financial Disclosures (TCFD) architecture as the basis for its standards, confirming GHG decisions as described above and modifying some transition plan information and wording to facilitate alignment.
Today (Friday 21 October), the ISSB will review its plans to develop SASB standards. This will include deliberating feedback on its proposals to include industry requirements – based on SASB standards – in its proposed climate standard. The ISSB is carefully considering all comments received on its proposals, while being mindful of the request to finalize the standards. Its goal is to complete deliberations on the proposed standards by the end of 2022, in order to publish the final standards as soon as possible in 2023.
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