- Global collaboration: A dedicated network of 32 jurisdictions aims to streamline the adoption of ISSB sustainability standards in emerging markets.
- Wide-reaching economic impact: Members represent 4.3 billion people, more than 90% of BRICS GDP, and significant portions of global market capitalization and emissions.
- Capacity-building focus: The network offers support for supervisory, regulatory, and implementation aspects of ISSB Standards.
IOSCO has announced the launch of a dedicated network to support Growth and Emerging Markets Committee (GEMC) members in adopting or integrating ISSB Sustainability Disclosure Standards. The network initially includes 32 jurisdictions spanning regions such as Africa, Latin America, and the Middle East, with more expected to join.
A Step Toward Global Alignment
The ISSB Standards, released in June 2023 and endorsed by IOSCO in July, offer a global baseline for sustainability-related disclosures. These standards aim to enhance consistency and comparability for climate and sustainability data, meeting investor needs and supporting global capital markets.
Related Article: Over Half of Global Economy Moves Toward Adoption of ISSB Sustainability Standards
Jean-Paul Servais, IOSCO Board Chair, highlighted the importance of this effort:
“Growth and Emerging Markets members have signaled a strong desire for support in adopting the ISSB Standards. This dedicated network will offer them expert assistance with the help of the ISSB and other partners.”
Support for Adoption Journeys
The GEMC network provides tools such as the IFRS Foundation’s Jurisdictional Guide and a Regulatory Implementation Programme, along with capacity-building initiatives to assist in adoption. Emmanuel Faber, ISSB Chair, emphasized the benefits of global alignment:
“Connecting to global capital pools and investors through comparable disclosures will facilitate trade and investment across jurisdictions.”
Broad Economic Representation
The jurisdictions in the network represent:
- Over 4.3 billion people (more than half the world’s population).
- 90% of BRICS economies’ GDP and market capitalization.
- Significant portions of global greenhouse gas emissions and supply chains.
Dr. Mohamed Farid Saleh, Chair of the GEM Committee, called for swift action:
“Emerging markets must accelerate efforts to adopt the ISSB Standards in different languages to facilitate speed of adoption and maximize global alignment.”
Looking Ahead
The network aims to equip securities regulators in emerging markets with the tools and expertise necessary for seamless adoption, enabling their integration into a more sustainable global economy. This collaboration marks a significant milestone in aligning sustainability reporting with global capital market expectations.
Read More About the Network Here
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