A Global Sustainability And Climate-related Disclosure Baseline Has Arrived: The ISSB Issues Final Standards

A critical development in the implementation of a global baseline for ESG reporting was achieved on June 26, 2023 with the release by the International Sustainability Standards Board (the "ISSB") of final standards on sustainability ("IFRS S1") and climate-related ("IFRS S2") financial disclosures (collectively, the "Standards"). This final release marks the culmination of nearly two years of consultations and development of the Standards by the ISSB, beginning with prototype standards at the 26^th United Nations Climate Change Conference of Parties in November 2021. Our summaries of the drafts of the Standards and other developments can be found here, here, and here.

The Standards are intended to serve as the global baseline for sustainability-related financial disclosures, providing a framework for comprehensive, comparable, and consistent reporting. With the consideration, and consolidation of certain aspects, of prominent global voluntary and mandatory