FSB submits report addressing financial risks from climate-change to the G20

In July 2021, the Financial Stability Board (FSB) published a comprehensive Roadmap for Addressing Climate-related Financial Risks. The Roadmap was endorsed by G20 Finance Ministers and Central Bank Governors and subsequently by G20 Leaders.
The FSB has now submitted a progress report on the Roadmap to the G20. The report notes that there has been a steady progress across all four blocks of the Roadmap – firm-level disclosures, data, vulnerabilities analysis and regulatory and supervisory practices and tools. The report also identifies some areas for further attention. Some of the indicative actions or deliverables set out in the report are:

IOSCO to consider whether to endorse ISSB standards.
IAASB to develop global standards for assurance on sustainability information.
IESBA to develop global ethics and independence standards for sustainability reporting and assurance.

The report notes the need for the IFRS Foundation to promote connectivity between financial accounting standards and ISSB sustainability disclosure standards. The report also stresses the need for interoperability between the ISSB’s global framework for climate-related disclosures and national and regional jurisdictions’ specific requirements to achieve global comparability of climate-related disclosures.
The report may be accessed here.