Nicolette Landsbergen’s Post

Many companies already provide public disclosures on sustainability topics. For reporting periods beginning on or after 1 January 2024, International Sustainability Standards are effective. (Entities applying ISSB Standards under a local endorsement mechanism must consider the relevant local effective dates.) Below is a link to a new EY publication that provides a useful checklist for climate-related disclosures set-out in ISSB Standards and other guidance. #eytax #eytaras #sustainabilityreporting

This transition to ISSB standards is a significant step forward for the industry. It will undoubtedly enhance the quality and consistency of sustainability reporting, making it easier for stakeholders to make informed decisions! 🚀🌱 #Sustainability #ESG #ISSB #TCFD

The International Sustainability Standards Board (ISSB) and the European Commission services, together with EFRAG, have worked together during the development of the European Sustainability Reporting Standards (ESRS)1 and the IFRS Sustainability Disclosure Standards (ISSB Standards) to achieve a high degree of alignment of the respective standards, with a specific focus on climate‑related reporting. #efrag #IFRS #KGK #ESGreporting #iklimkarbon #tulipsustainabilitycenter https://lnkd.in/dSzfcU-e

Before you panic: “Companies can continue to use the TCFD recommendations should they choose to do so, and some companies may still be required to use the TCFD recommendations”.

I remember the creation of the TCFD by the Financial Stability Board (FSB) around the Paris Agreement in 2015 I remember the release of the TCFD Recommendations in 2017 - with its financial connection to climate-related risks and opportunities and (perhaps one of the first) implementation of the double materiality concept: impact of climate on organizations, and impact of organizations on climate. It’s been a privilege to follow the lightning fast adoption of these recommendations, to the point of being fully baked into the IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (heck, even into the SEC climate disclosure rule!). It’s bittersweet to see the TCFD be disbanded as announced, but testimony to a mission fully accomplished — something that doesn’t happen very often. Congrats to the FSB and everyone who participated in this accomplishment. 🎉👏 May we internalize the teachings and make ourselves worthy of the intended outcome. #courage #transformation #systemschange #climateemergency #sustainability This post was not written using generative AI

The end of an era! 🚫 💡TCFD recommendations incorporated into the ISSB's Standards. 💡ISSB to take over the monitoring of the progress on companies’ climate-related disclosures from the TCFD. 💡TCFD's four pillar framework of Governance, Strategy, Risk Management and Metrics & Targets lives on through ISSB's IFRS S1 & S2. 💡Companies that apply the ISSB Standards will meet the TCFD recommendations and so do not need to apply the TCFD recommendations in addition to the ISSB's Standards. 💡Companies can continue to use the TCFD recommendations should they choose to do so, and some companies may still be required to use the TCFD recommendations as is the case of bodies regulated by CBK. #sustainabilityreporting #issb #ifrs #sustainability #gri #cop28 #cop28uae #ghgprotocol #investing #sasb #cdsb

🌍 Climate Disclosure News! 🌿 The Financial Stability Board has officially announced the completion of the TCFD's groundbreaking work, marking a pivotal moment in the evolution of climate-related disclosures. 🚀 📈 Companies embracing sustainability and climate responsibility now have a streamlined path forward, with the ISSB's Standards serving as the "culmination" of the TCFD's legacy. The incorporation of TCFD recommendations into the IFRS S1 and S2 Climate-related Disclosures is a game-changer! 🔄 💼 For companies navigating the transition, utilizing TCFD recommendations remains a viable option, providing a smooth entry point into adopting the ISSB's Standards. The IFRS Foundation has thoughtfully published a comprehensive comparison of IFRS S2 and TCFD recommendations, showcasing the consistency and alignment of these frameworks. 📊 (https://lnkd.in/gQ3FcJtE) 📚 The ISSB's Standards not only embrace the TCFD's four core recommendations and eleven recommended disclosures but go a step further with additional requirements. From industry-based metrics to disclosures about planned use of carbon credits, the ISSB sets a higher standard for transparency and accountability. 🌱 👏 The TCFD has been a trailblazer, elevating the standards for climate-related disclosures, and the ISSB is now building upon this legacy. The integration of TCFD recommendations into the ISSB's standards offers a simplified approach for companies and investors, navigating through the 'alphabet soup' of disclosure initiatives. 🍲 🌐 The FSB's's call for the IFRS Foundation to monitor progress on companies' climate-related disclosures further underscores the global commitment to advancing sustainability and transparency🌐...and harmony 🧘♂️ #ClimateDisclosure #TCFD #ISSB #Sustainability #Transparency #IFRSFoundation

The TCFD is no more. Congratulations to the FSB Task Force on Climate-related Financial Disclosures (TCFD) on successfully bringing #climaterisk management and disclosure into the corporate and investor vernacular and ushering practices aligned with the TCFD recommendations into the mainstream. While there's a long way to go until markets have properly assessed, priced in, and managed climate risk, handing the baton over to International Sustainability Standards Board (ISSB) marks a transition to celebrate and build upon. #riskmanagement #climatesmartinvesting #climateaction #TCS #cop28 #climaterisk

The International Financial Reporting Standards (IFRS) Foundation and the European Financial Reporting Advisory Group (EFRAG) have released new guidance on the interoperability between the International Sustainability Standards Board's (ISSB) IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). This guidance aims to simplify compliance for companies that must adhere to both standards by demonstrating the alignment between the two, particularly in climate-related disclosures. It includes practical support for how companies can apply both standards efficiently, addressing the general requirements such as materiality, presentation, and disclosures for non-climate sustainability topics, and detailing the specific alignment in climate disclosures. This effort follows initial collaboration during the standards' development to ensure a high degree of alignment, thereby reducing complexity, fragmentation, and duplication in reporting. https://lnkd.in/deAyV7G4

The Canadian Sustainability Standards Board has issued a consultation draft to introduce the country’s first sustainability reporting regulations. The proposed draft is modeled after the IFRS S1 and S2, is called CSDS 1 and CSDS 2, with ‘Canadian-specific’ and ‘fit for purpose in Canada’ adaptations. The modifications are mainly to extend relief periods longer than provided in S1 and S2. The deadline for submitting comments is 30 June 2024. Let’s wait and watch. #sustainability #sustainabilityreporting #ifrs #issb Canadian Sustainability Standards Board (CSSB) https://lnkd.in/gCCeR_vT