The International Organization of Securities Commissions (IOSCO) has established a network to encourage the adoption of sustainability reporting standards (ISSB standards), in collaboration with the International Sustainability Standards Board (ISSB).
This Network brings together 32 IOSCO members, from the Growing and Emerging Markets Committee (GEMC), representing 31 jurisdictions, such as Morocco, Abu Dhabi, Argentina, China, India, Brazil, Egypt, Saudi Arabia, South Africa, as well as countries in Latin America and the Caribbean.
These jurisdictions cover 4.3 billion people, more than half of the world's population, more than 90% of BRICS GDP and market capitalization, almost half of Africa and the Middle East's GDP, and more than two thirds of the GDP of Latin America and the Caribbean. Since the ISSB standards were approved in July 2023, 56 jurisdictions have started adopting these standards, representing almost 60% of global GDP and more than 40% of global market capitalization. The Network primarily focuses on supporting emerging market jurisdictions in their adoption process.
« We have seen strong interest from our Growth and Emerging Markets members wanting to introduce ISSB standards into their respective regulatory frameworks. These members are willing to implement international standards that strengthen the consistency and comparability of climate and sustainability reporting for investors », declared Jean-Paul Servais, President of the IOSCO Council.
« We welcome the strong interest from emerging market jurisdictions in adopting the ISSB standards, the global benchmark for sustainability reporting for capital markets.[…] », added Emmanuel Faber, President of the ISSB.
For his part, Mohamed Farid Saleh, President of the GEM Committee and Vice-President of the IOSCO Council underlined: “ I am pleased to see a number of emerging markets taking concrete steps toward adoption or use of ISSB standards and encourage them to finalize efforts to make the standards available in different languages to accelerate their adoption or use. use. »
S.S.
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