Companies will face greater pressure to disclose how their businesses affect climate change under a new set of global rules backed by the G20, designed to help regulators crack down on so-called greenwashing. false appearance of sustainability. The standards published on Monday (26) were written by the International Sustainability Standards Board (ISSB), as trillions of dollars are directed towards investments that promote their environmental, social and governance (ESG) credentials ). It will be up to each country to decide whether to require listed companies to apply the standards, said ISSB President Emmanuel Faber, adding that the standards could be used in annual reports from 2024 onwards. Singapore, Nigeria, Chile, Malaysia, Egypt, Kenya and South Africa are considering its use, Faber told Reuters. The ISSB standards are based on the G20 Task Force on Climate-Related Financial Disclosures (TCFD) voluntary standards. The ISSB is part of the IFRS, an independent foundation that also writes accounting rules used in over 100 countries, while Iosco, a global securities supervisory authority, is expected to “endorse” the new standards. “It just brings more rigor, it’s much more in line with financial reporting,” said David Harris, head of strategic sustainable finance initiatives at the London Stock Exchange Group, which controls the London Stock Exchange. Harris said that 42% of the world’s 4,000 largest companies do not currently provide data on Scope 1 and 2 carbon emissions. . Under the new rules, companies would need to disclose material emissions, with verification by external auditors. The European Union will finalize its own disclosure rules next month, and both the EU and the ISSB have sought to make their standards “interoperable” to avoid duplication for global companies. Reproduction of this content is prohibited.
Agência Brasil
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