Bruno Sarda, Principal, Climate Change & Sustainability Services at Ernst & Young LLP is joined by Terence Jeyararetnam, EY Asia-Pacific Leader and Partner, Climate Change and Sustainability Services at Ernst & Young (the Partnership), and a member of the ISSB’s Technical Reference Group to discuss how sustainability disclosures are evolving and the prospects for convergence.
Among the key takeaways of the discussion include the fact that current nonfinancial disclosures landscape is fragmented with a variety of voluntary frameworks and that a unified globally accepted standard for ESG reporting is necessary, as the current voluntary reporting environment is not working fast enough to address the impacts on nature and climate.
Moreover, demand for convergence is coming from investors, governments and other stakeholders and the ISSB aims to produce globally accepted standards, starting with climate, but extending to biodiversity as well.
Businesses can prepare by building on existing reporting and evolving its culture and learning. With this at hand, the chief financial executive is expected to play a key role, expanding their responsibility to include ESG data.
