04/12/2023 - EFRAG welcomes the work of the ISSB in relation to high quality climate-related disclosures at global level

​In line with its policy to contribute to the global progress of sustainability reporting to the maximum extent possible under the legal framework created by the European Corporate Sustainability Reporting Directive (CSRD), EFRAG welcomes the work of the ISSB and the related disclosures in relation to climate and is pleased to announce that it subscribed to the following public statement:

"Given the effects of climate risks on companies, financial institutions and capital markets, EFRAG welcomes the work by the ISSB and its climate reporting requirements in delivering high quality climate-related disclosures that enable enhanced transparency about climate risks and opportunities at the global level".

EFRAG is delighted to also highlight that the recently adopted European Sustainability Reporting Standards (ESRS) incorporate the ISSB disclosures under a thorough interoperability approach. As entities prepare their sustainability statement in compliance with the comprehensive set of European standards which is the basis for mandatory sustainability reporting in the EU, they can therefore be assured that they also provide information in line with the ISSB requirements in relation to climate change without undue burden. EFRAG and the ISSB are currently working on an interoperability map that will illustrate this from a practical standpoint. This represents a significant milestone in progressing quality reporting on climate.

Hans Buysse, President of EFRAG Administrative Board, said:

"Interoperability with other standards, in this particular case with the ISSB standards, is a key goal for EFRAG since our constant policy is to contribute to the progress of corporate reporting globally and to avoid multiple reports for companies."

Patrick de Cambourg, Chair of EFRAG Sustainability Reporting Board, said:

"We welcome the integration into the European Sustainability Reporting Standards of quality climate-related disclosures that can also be considered by other jurisdictions as well in the interest of a fit for purpose corporate reporting on this crucial matter at global level. As EU preparers embrace ESRS, they embark on a path that not only complies with EU sustainability reporting requirements, but also connects with global standards, a pivotal step forward for sustainability reporting worldwide."