The International Sustainability Standards Board (ISSB) on Monday announced a series of significant initiatives, strategic partnerships, and collaborations aimed at harmonizing sustainability reporting requirements for companies. The ISSB provided updates on its new two-year work plan, which focuses on further harmonization and consolidation of the disclosure landscape in response to market demand. Key areas of focus include corporate climate transition plans and greenhouse gas (GHG) emissions measurement across the value chain.

This bulletin highlights the key initiatives, strategic partnerships, and collaborations being pursued by the ISSB.

Harmonizing disclosures about transition plans. The ISSB indicated that it intends to streamline and consolidate frameworks and standards for disclosures about transition plans. This work is expected to align with the ISSB’s focus over the next two years on supporting the implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2) (see our earlier bulletin here). The ISSB indicated that it will focus on providing high-quality, decision-useful information consistent with IFRS S2, instead of requiring transition planning.

The ISSB announced that the IFRS Foundation will assume responsibility for disclosure-specific materials developed by the Transition Plan Taskforce, which draws from the work of the Glasgow Finance Alliance for Net Zero (GFANZ). The materials will be housed on the IFRS Sustainability Knowledge Hub and used to develop educational materials that align with IFRS S2’s global baseline and focus on climate-related risks and opportunities.

Measuring GHG emissions effectively. The IFRS Foundation has taken a crucial step in supporting credible net-zero transition plans in the private sector by signing a Memorandum of Understanding with the GHG Protocol, a global leader in emissions calculations. This collaboration will enable the two organizations to work together on updates and decisions related to their standards, including the appointment of an ISSB representative to the GHG Protocol’s Independent Standards Board.

Partnering with CDP to deliver alignment. The ISSB noted that the CDP recently opened its new platform to 75,000 organizations and has aligned its 2024 questionnaire with IFRS S2 to further support compliance by reporting companies.

Full interoperability with Global Reporting Initiative (GRI). Announced last month, the ISSB and GRI’s Global Sustainability Standards Board have committed to jointly identify and align common disclosures that address information needs under the distinct scopes and purposes of their respective standards, for both thematic and sector-based standard-setting.

Informed by the Taskforce on Nature-related Financial Disclosures (TNFD). The ISSB, as outlined in its Feedback Statement, will initiate a research project on biodiversity, ecosystems, and ecosystem services. As part of this project, the ISSB will consider how to build on existing nature-related initiatives and the Recommendations of the TNFD.


For further information or to discuss the contents of this bulletin, please contact Lisa DeMarco at lisa@resilientllp.com.

*Special thanks to Anuja Purohit for her assistance in preparing this bulletin.

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