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On 16 May 2024, the UK Government published an implementation update on its development of economy-wide sustainability disclosure requirements (the “Implementation Update“). The Implementation Update, which the UK Government committed to publishing in its 2023 Green Finance Strategy (which you can read more about here), discusses:

  1. its endorsement of the IFRS Sustainability Disclosure Standards;
  2. transition plan disclosures;
  3. the Financial Conduct Authority’s (“FCA“) Sustainability Disclosure Requirements (“SDR“) and investment labels regime;
  4. the UK Green Taxonomy; and
  5. nature-related disclosures.

Continue Reading UK government publishes implementation update in relation to sustainability disclosures

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The Brazilian Securities Commission (“CVM“) made a significant announcement on October 20, 2023, by introducing CVM’s Rule No. 193. This resolution provides comprehensive guidance on the creation and dissemination of sustainability information reports, specifically the IFRS S1 and IFRS S2, as outlined by the International Sustainability Standards Board (“ISSB“), which are aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”) and the criteria set by the Sustainable Accounting Standards Board (“SASB”).Continue Reading Brazil Sets Global Precedent: First Nation to Embrace ISSB Sustainability Financial Reports

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On 27 July 2023, the International Sustainability Standards Board (the “ISSB”) published the Proposed IFRS Sustainability Disclosure Taxonomy for public consultation. The IFRS Sustainability Disclosure Taxonomy, which follows the ISSB’s issuance of the IFRS sustainability disclosure standards (the “Standards”) (which we reported here), is a digital taxonomy designed to facilitate digital reporting of sustainability-related financial information and to improve accessibility and comparability of such information by investors and regulators globally. Notably, the IFRS Sustainability Disclosure Taxonomy is not a taxonomy for categorising sustainability ratings or attributes of specific activities such as the EU taxonomy for sustainable activities.Continue Reading ISSB Publishes IFRS Sustainability Disclosure Taxonomy for Consultation

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The inaugural International Sustainability Standards Board (“ISSB“) sustainability disclosure standards, namely IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) (the “ISSB Standards“), have received positive feedback from stakeholders across the globe since its issuance on 26 June 2023 (which we reported here). This includes endorsement by the International Organization of Securities Commissions (IOSCO) on 25 July 2023.

The long-awaited ISSB Standards are intended to serve as a global baseline for transparent, reliable and comparable corporate disclosure of climate and sustainability-related information, and will help to inform investment decisions. In this blog post, we summarise several Asian regulators’ responses to the ISSB Standards which have been positive.  Continue Reading Asia Regulators’ Responses to the ISSB Disclosure Standards

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On 26 June 2023, the International Sustainability Standards Board (“ISSB”) issued its long-awaited inaugural global sustainability disclosure standards: IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) (together, the “Standards”). The ISSB also released a related Sustainability Standards Navigator tool and a three-minute video. The…

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On 30 March 2023, the UK Government published an updated Green Finance Strategy (the “Strategy“). The Strategy, which updates the UK’s 2019 Green Finance Strategy, outlines how “continued UK leadership on green finance will cement the UK’s place at the forefront of this growing global market, and how we will mobilise the investment needed to meet our climate and nature objectives“.Continue Reading The future of green finance in the UK: UK Government publishes updated Green Finance Strategy

Sustainable Development

Mining companies are closely linked to the energy transition, both as businesses for which new requirements apply and as suppliers of critical minerals used to produce electric vehicles batteries, solar panels and wind turbines, among other products. In this Legal Update, we discuss emerging climate change-related guidelines and requirements, give examples of how mining companies…

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A recent attention-grabbing report by the Guardian, Die Zeit and SourceMaterial claimed that “more than 90% of rainforest carbon offsets by biggest certifier are worthless“. This prompted a swift detailed rebuttal by Verra – the world’s largest certifier of offsets and the organization subject to the criticism – who argued that the Guardian’s…

Regulation

­In a previous blog post, we noted that the International Sustainability Standards Board (ISSB) will shortly publish its proposed general sustainability-related and climate disclosure requirements.

On 31 March 2022, the ISSB published highly anticipated drafts of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (General Requirements Exposure Draft) and IFRS S2 Climate-related Disclosures (Climate Exposure Draft) for public consultation and comments. Each of the Exposure Drafts are accompanied by a ‘Basis for Conclusions’ and ‘Illustrative Guidance’ document. A high-level summary of the proposed requirements is available here.Continue Reading International Sustainability Standards Board Begins Public Consultation on Draft Proposed Standards on General Sustainability-Related Financial and Climate-Related Disclosures

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The move towards consolidated, aligned, sustainability disclosure requirements, long identified as an essential element of sustainability efforts, took a major step forward last week.  On 24 March 2022, the International Financial Reporting Standards Foundation (“IFRS Foundation”) and the Global Reporting Initiative (“GRI”) announced a collaboration agreement, the purpose of which is to seek to align their capital market and multi-stakeholder focussed sustainability disclosure regimes (the “Agreement“).  The Agreement represents the latest development in the IFRS Foundation’s efforts to consolidate the plethora of – sometimes disparate – international sustainability reporting regimes into a consolidated, more cohesive, framework, for the benefit of companies, investors and society at large.
Continue Reading International Sustainability Standards Board and Global Sustainability Standards Board to align their sustainability disclosure standards