Progress Report on Climate-related Disclosures: 2023 Report
Since October 2022, significant further progress has been achieved on setting comparable, consistent, and decision-useful climate-related financial disclosure standards and requirements.
Achieving globally consistent, comparable and decision-useful public disclosures by firms of their climate-related financial risks is important for the analysis of vulnerabilities in the financial system. Two years after the publication of the 2021 FSB Report on Promoting Climate-Related Disclosures, work to strengthen the relevance, reliability and comparability of climate-related financial disclosures has moved forward rapidly.
This report describes the progress made by the International Sustainability Standards Board (ISSB), including its milestone issuance of its inaugural standards in June. It also covers the progress made in the area of assurance, including the work by the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and the progress made by the International Organization of Securities Commissions (IOSCO) on supporting the work on both disclosure and assurance standards.
This report also outlines the progress made by jurisdictions in promoting climate-related disclosure practices, including steps being taken already by jurisdictions to prepare for adopting, applying or otherwise making use of the ISSB climate-related disclosure standards. The report also describes the progress made by companies in their disclosures, as reported in the 2023 Status Report of the Task Force on Climate-related Financial Disclosures (TCFD). With the ISSB’s inaugural Standards having been released, the TCFD’s work is now complete, and the FSB has requested the ISSB to assume responsibility for monitoring progress on the state of climate-related financial disclosures by companies as of next year.