Addressing the demand for both sustainability and climate- and nature-related information has been a recurring theme in recent years and has been a focus of the Coalition:
- In June 2020, HP5 workstream convened a Sherpa-level meeting to discuss climate-related financial disclosure.
- In February 2022, HP4 and HP5 workstreams organized a joint workshop on Sovereign Climate and Nature Reporting, and produced a summary note of WB report available here.
- In April 2022, HP5 workstream held a stakeholder dialogue on Corporate Sustainability Reporting, on (i) ISSB’s recently launched consultation on first two proposed standards (S1: general sustainability-related disclosure requirements and S2: climate-related disclosure requirements), and (ii) TNFD’s newly released Nature-Related Risk & Opportunity Management and Disclosure Framework Beta v0.1.
Since then, significant work has been done: the IFRS Foundation released its Standard 1 and Standard 2 in their final form in June 2023; while TNFD released its fourth and final TNFD Nature-Related Risk and Opportunity Management and Disclosure Framework v0.4 in March 2023.
This workshop informed members on the developments in the above disclosure requirements, what these standards would mean in practice, and the role of Finance Ministries in implementing them at national levels.
Agenda:
- Coalition Co-Chair Sherpa representative, Joan Heijster, opened the workshop.
- Mardi McBrien, Chief of Strategic Affairs & Capacity Building, IFRS Foundation – presented on ISSB rationale, S1 and S2 frameworks, next steps, and opportunities for implementation/training (see presentation here).
- Emily McKenzie, Technical Director, TNFD Secretariat – presented on rationale, the upcoming launch of the TNFD’s final recommendations in September, and next steps for MoFs (see presentation here).
- Coalition members from Chile, Switzerland, UK and Colombia shared their experiences in implementing disclosure requirements.
- Olha Krushelnytska, Coalition Secretariat, moderated the workshop.