The International Organisation of Securities Commissions (IOSCO) has launched a dedicated network to promote sustainability reporting across growth and emerging markets.
Backed by the International Sustainability Standards Board (ISSB), the network will guide growth and emerging markets (GEMC) members in implementing the requirements of IFRS Sustainability Disclosure Standards as well as provide a platform for improving information sharing at a regional level.
Emmanuel Faber, chair of the ISSB, said: “We are pleased to continue and further enhance collaboration with IOSCO by supporting network members on their jurisdictional adoption journeys. Doing so will help them align their sustainability-related disclosure requirements with the global baseline, connecting them to global capital pools and investors seeking new investment opportunities.
“This progress is also important to all other jurisdictions because multinational companies with global supply chains will stand to benefit from the availability of comparable data and disclosures from across the value chain and such disclosures will facilitate trade,” he added.
Global interoperability
Currently, the initiative includes 32 IOSCO members from 31 jurisdictions, signalling an increasing commitment to sustainable corporate reporting.
Jean-Paul Servais, chair of the IOSCO board, said so far there has been strong interest from GEMC members wanting to introduce ISSB standards into their own regulatory frameworks.
“These members are willing to implement international standards that enhance international consistency and comparability of climate-related and other sustainability-related disclosures for investors. We are also acutely aware that GEMC members have signalled a strong desire for support to help them progress their adoption or other use of the ISSB standards,” Servais said.
Participating jurisdictions include Brazil, China, India, Kenya, Mexico, Saudi Arabia, South Africa, and Turkey, with others expected to join in the coming months.
Currently, many IOSCO members joining the GEMC Network are playing or will be playing a leading role in the adoption of sustainability-related corporate reporting requirements.
At the date of joining the network, members are either already executing a roadmap for ISSB standards implementation, developing a roadmap, building awareness and understanding, or becoming familiar with the ISSB Standards.
Covering 4.3 billion people, the network’s participating jurisdictions also represent more than 90% of the BRICS economies’ GDP.
The launch comes after the ISSB issued the ISSB standards in June 2023 in response to investor demand for the need for a more efficient global reporting landscape.
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