Susanne Struz’s Post

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

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

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

💡 Curious about the driving force behind sustainability-related financial disclosures and what this means for companies in Singapore? In June 2023, the International Sustainability Standards Board (ISSB), an independent standard-setting body within the IFRS Foundation, released its inaugural standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. These standards aim to provide investors with material information on sustainability-related factors that could reasonably affect a company’s cashflow. Check out our article for a concise overview: https://lnkd.in/g4Xn3Y2Q   #ESG #ESGReporting #SustainabilityReporting #Sustainability #ClimateChange #IFRS #ISSB #SustainableBusiness ACRA - Accounting and Corporate Regulatory Authority SGX RegCo

The International Sustainability Standards Board (ISSB) has made a groundbreaking entry by introducing the game-changing International Financial Reporting Standards - IFRS S1 and IFRS S2. 📢 These standards are set to revolutionize how companies report on ESG and sustainability, providing valuable insights for informed decision-making by investors and key stakeholders. 💼🌿 If you're wondering why aligning with these standards is crucial, check out this article. It highlights the benefits of incorporating IFRS S1 and IFRS S2 into forthcoming ESG and sustainability reports. It's time to take your reporting to the next level and demonstrate your commitment to sustainable practices. Link to the article: https://lnkd.in/g6qNMWfb #SustainabilityReporting #ESG #IFRS #SustainabilityStandards

The IFRS Foundation and EFRAG unveiled a game-changing guide on May 2, 2024, streamlining corporate sustainability reporting. Designed to align with ISSB's IFRS Sustainability Disclosure Standards and ESRS, this guide focuses on climate-related disclosures, simplifying processes and eliminating redundancy. Key features include alignment of general requirements and detailed insights on climate disclosures. Stay ahead in sustainability! #EFRAG #ISSB #ESRS #SustainableFinance #ClimateAction https://lnkd.in/g_Zn2dkZ

🌍 Exciting News in Sustainable Finance! ISSB takes over. The IFRS Foundation marks a significant milestone as it welcomes the conclusion of the Task Force on Climate-related Financial Disclosures (TCFD) work. 🎉 As of 2024, the responsibility for monitoring TCFD implementation will transition to the International Sustainability Standards Board (ISSB). This pivotal step emphasizes the continued commitment to transparent and consistent climate-related financial reporting worldwide. #IFRSFoundation #TCFD #ISSB #Sustainability #FinancialReporting #ClimateAction https://lnkd.in/eaWdcx65