G20 focuses on launch of ISSB’s inaugural standards

The G20 Finance Ministers and Central Bank Governors met in Bengaluru, India on 24-25 February 2023 and have published a summary of discussions.

The G20 met under the Indian Presidency’s theme of 'One Earth, One Family, One Future' and committed to enhancing international policy cooperation and to steering the global economy towards securing strong, sustainable, balanced and inclusive growth.

The meeting summary noted the G20:

[L]ooks forward to the early finalization of standards by the International Sustainability Standards Board (ISSB) for climate-related financial disclosures, and its work beyond climate.

The summary also referred to the related G20 Finance Track workstream:

[The] FSB, in coordination with the ISSB and IOSCO, [is] to prepare a report on the progress of jurisdictions and firms on climate-related financial disclosures by October 2023.

Commenting on the G20 meeting summary, IFRS Foundation Trustee Chair Erkki Liikanen said:

We are grateful for the G20’s statement and encouragement for our work. We will continue our close cooperation with the Financial Stability Board, IOSCO and others to support the widespread adoption of ISSB Standards once they are issued later this year.

Following international policy and market demand, the ISSB is developing—in the public interest—standards that will result in a high-quality, comprehensive global baseline of sustainability disclosures focused on the needs of investors and the financial markets. Its initial two standards, covering general requirements and climate, will be issued towards the end of Q2 2023.