2024 Progress report
Significant progress has been achieved since 2021 in setting internationally consistent and decision-useful climate-related financial disclosure standards, adoption or consideration of these standards across the globe, as well as in establishing international assurance and ethics standards to enhance the reliability of climate- and other sustainability-related disclosures.
This report describes progress made over the past year by FSB member jurisdictions, standard-setters and international organisations towards achieving globally consistent and comparable climate-related disclosures.
Following the publication of the International Sustainability Standards Board (ISSB)’s inaugural sustainability disclosure standards in 2023, the ISSB, standard-setting bodies and international organisations have focussed on providing support – including capacity-building – to jurisdictions and firms for using these standards. Great strides have been made in improving interoperability between the ISSB Standards and other sustainability disclosure frameworks and in establishing a global assurance and ethics framework to ensure sustainability disclosures are reliable and thus decision-useful. Work has also advanced on transition plans, as well as on enhancing the linkage of sustainability-related disclosures with financial reporting and prudential reporting requirements.
Out of 24 FSB member jurisdictions surveyed, 19 reported they have already enacted regulations, issued guidelines or developed strategic roadmaps for climate-related disclosures. Seventeen FSB jurisdictions have set or proposed voluntary or mandatory disclosure requirements based on the ISSB Standards and the recommendations of the Task Force on Climate-related Disclosures (TCFD). Moreover, several jurisdictions have taken concrete steps towards assurance requirements.
This report also summarises the key findings of the International Financial Reporting Standards (IFRS) Foundation’s Progress Report on Corporate Climate-related Disclosures. The IFRS Foundation report concludes that firms have made encouraging progress in disclosing climate-related financial information using the TCFD recommendations or the ISSB Standards, but that more progress is necessary.
