Latest news with #IFRSS2
Forbes
30-04-2025
- Business
- Forbes
IFRS Seeks Input On Reducing Scope 3 Sustainability Reporting Requirements
On April 28, the International Sustainability Standards Board released an exposure draft proposing a reduction in climate related reporting requirements. The move comes as sustainability reporting requirements, viewed as inevitable in 2021, are being rolled back globally. The ISSB proposal calls for a reduction in Scope 3 reporting requirements, a move that will further frustrate climate activists. The draft is open for comment until June 27, with the changes expected to be adopted by the end of 2025. Sustainability reporting, climate related risk reporting, and broader environmental, social, and governance reporting, requires companies to disclose information relating to climate change and environmental concerns in a specialized financial report. The climate related disclosures, including greenhouse gas emissions, are the direct result of the Paris Agreement and the goal to reduce GHG emissions to net-zero by 2050. The push for sustainability reporting saw drastic gains over the past few years. The United Nations formed industry specific initiatives to drive the reduction of GHG emissions. Financial investors forced businesses to voluntarily disclose information to allow for informed decision making on non-financial factors. This connection created a need for an international standard for sustainability reports. In 2021, during COP 26, the International Financial Reporting Standards (IFRS) Foundation trustees announced the formation of the International Sustainability Standards Board (ISSB) 'to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors' information needs. In 2023, the the ISSB released the IFRS Sustainability Disclosure Standards. The IFRS Sustainability Disclosure Standards are divided into two reporting tiers, IFRS S1 and IFRS S2, with both going into effect January 1, 2024. The IRSR Sustainability Disclosure Standards mandated reporting from three different sources, known as scopes. Generally, Scope 1 refers to direct GHG emissions from sources that are owned or controlled by the company, Scope 2 refers to GHG emissions from the generation of purchased electricity consumed by the company, and Scope 3 refers to indirect GHG emission along the value chain. Scope 3 has been the most problematic for companies. The gathering of the information not only required forcing suppliers to disclose GHG emissions, but also the calculation of the emissions of consumers. Companies have advocated that this is overly burdensome and too costly. While the move from the ISSB is surprising, it is following international trends. While the European Union initially included Scope 3 in the European Sustainability Reporting Standards formed under the Corporate Sustainability Reporting Directive, proposals are currently under consideration to reduce the ESRS requirements, including the impact of Scope 3. In the U.S., the Securities and Exchange Commission initially included Scope 3 in their Climate-Related Risk Rule, however excluded it in the final rule. The rule never went into effect due to legal challenges. Following the 2024 election of President Trump, the SEC has started the process to revoke the rule. In the press release, Sue Lloyd, ISSB Vice-Chair, said: "It is the role of a responsible standard-setter to listen to market feedback from the earliest implementation stages, and to support preparers in the application of our Standards. As a market-focused standard-setter, we have taken steps to respond in a timely manner by proposing targeted amendments helping preparers where possible, without causing too much disruption and ensuring that our Standards continue to enable the provision of decision-useful information to investors. 'Proposing these amendments to a relatively new Standard is not a decision that was taken lightly—we have carefully considered the need for such amendments and have sought to balance the needs of investors while considering cost-effectiveness for preparers. Our due process is fundamentally important to us. We always consult our stakeholders when proposing changes to our Standards and are balancing the need to respond to stakeholders' needs on a timely basis with giving all interested parties the opportunity to participate in providing feedback by setting a 60-day comment period.' The proposal includes 'relief from measuring and disclosing Scope 3 Category 15 GHG emissions associated with derivatives and some financial activities; relief from the use of the Global Industry Classification Standard (GICS), in some circumstances, in disclosing disaggregated financed emissions information; clarification on the jurisdictional relief to use a measurement method other than the Greenhouse Gas Protocol for measuring GHG emissions; and permission to use jurisdiction-required Global Warming Potential (GWP) values that are not from the latest Intergovernmental Panel on Climate Change (IPCC).' The comment period is open until June 27. Those wishing to comment may do so either through a comment letter or the online survey. If the ISSB significantly rolls back Scope 3 reporting, sustainability reporting around the world will look drastically different.
Mid East Info
06-03-2025
- Business
- Mid East Info
Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2
Reaffirms Group's leadership in sustainability and demonstrates commitment to transparency and accountability in sustainability reporting. Dubai, UAE,March 2025: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report ('ISSB Report') for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its subsidiaries. In June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2 sets out specific climate-related disclosures and are designed to be used with IFRS S1. Emirates NBD's inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group's governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and opportunities. Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: 'We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group's sustainability practices, but also strengthen the bank's reputation and brand image among investors and the community.' Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: 'The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.' Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: 'As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.' The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide. About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
Al Bawaba
04-03-2025
- Business
- Al Bawaba
Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2
Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report ('ISSB Report') for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2 sets out specific climate-related disclosures and are designed to be used with IFRS NBD's inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group's governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: 'We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group's sustainability practices, but also strengthen the bank's reputation and brand image among investors and the community.'Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: 'The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.'Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: 'As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.' The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide.
Zawya
03-03-2025
- Business
- Zawya
Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2
Dubai, UAE: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report ('ISSB Report') for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its subsidiaries. In June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2 sets out specific climate-related disclosures and are designed to be used with IFRS S1. Emirates NBD's inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group's governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and opportunities. Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: 'We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group's sustainability practices, but also strengthen the bank's reputation and brand image among investors and the community.' Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: 'The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.' Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: 'As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.' The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide. -Ends- About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. For further information on Emirates NBD, please contact: Ibrahim Sowaidan Senior Vice President Head - Group Corporate Affairs Emirates NBD e-mail: ibrahims@ Burson Dubai, UAE Email: emiratesnbd@
Web Release
03-03-2025
- Business
- Web Release
Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2
Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report ('ISSB Report') for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its subsidiaries. In June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2 sets out specific climate-related disclosures and are designed to be used with IFRS S1. Emirates NBD's inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group's governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and opportunities. Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: 'We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group's sustainability practices, but also strengthen the bank's reputation and brand image among investors and the community.' Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: 'The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.' Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: 'As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.' The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide. The post Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2 appeared first on Web Release.
