There are currently three sets of proposals open for comment that could set the foundation for future ESG reporting – from the International Sustainability Standards Board (ISSB), the SEC and the European Financial Reporting Advisory Group (EFRAG) in the European Union. All of the proposals have multi-jurisdictional implications.
SEC: Release Nos. 33-11042 and 34-94478 The Enhancement and Standardization of Climate-Related Disclosures for Investors
EFRAG: Public consultation on the first set of Draft European Sustainability Reporting Standards (ESRS)
Comments on the proposals are due:
Sustainability reporting continues to develop at a fast pace. The ISSB has released its first two proposed standards, aiming to create a global baseline for investor-focused sustainability reporting that local jurisdictions (e.g. the US and the EU) can build on. In parallel, the SEC and EFRAG have released separate proposals.
Over the coming weeks, companies have the opportunity to help shape the future of sustainability reporting.
— Scott Flynn, KPMG US Audit Vice Chair
What’s the issue?
What's the impact?
Top 10 questions
We answer these questions about the three sets of proposals: