ISSB preparing to go beyond climate on sustainability standards

The International Sustainability Standards Board, which has so far concentrated mainly on climate issues, said itit plans to seek feedback on four new potential projects. These projects include biodiversity, ecosystems and ecosystem services; human capital; human rights; and integration in reporting.

feedback from stakeholders indicated climate change-related issues should be the main priority at the moment. But the ISSB plans to publish a request for information about its future agenda priorities in May, with a comment period of 120 days.

The ISSB plans to balance advancing new research and standard-setting projects with its previously agreed upon activities to build on the foundation established by its initial two standards, one on general sustainability disclosures and one on climate-related issues.

The board came to this agreement during its meeting earlier in April, after which it announced that, for now, companies can prioritize putting in place reporting practices and structures to provide high-quality, decision-useful information about climate-related risks and opportunities in the first year of reporting using the ISSB standards.

The board also plans to open a consultation about revising old legacy standards to improve their international applicability. Namely, the board would be revisiting standards from the U.S.-based Sustainability Accounting Standards Board, which merged with the International Integrated Reporting Council to become the Value Reporting Foundation that subsequently merged into the new ISSB.