Latest news with #InternationalSustainabilityStandardsBoard
Business Times
19-05-2025
- Business
- Business Times
Guidebook launched for sustainability reporting training providers
[SINGAPORE] Sustainability reporting training providers can now refer to a new guidebook to design their programmes and courses in a way that aligns with standards set out by the International Sustainability Standards Board (ISSB). Launched by the Accounting and Corporate Regulatory Authority (Acra) on Monday (May 19), the guidebook – which is called the Sustainability Reporting Body of Knowledge (SR BOK) – aims to provide essential knowledge areas on ISSB that training providers could use to develop programmes for professionals involved in sustainability reporting. In September last year, the Singapore Exchange Regulations mandated that listed companies in Singapore make climate-related disclosures aligned with the ISSB from this financial year. 'With an increasing number of companies progressively disclosing climate-related information to meet stakeholder expectations, Singapore will need to build a talent pipeline to meet the growing demand for professionals who can take on sustainability reporting-related roles,' said Acra. The guidebook aims to equip professionals with technical skills and competencies in greenhouse gas accounting, as well as sustainability and climate reporting, so that they would be able to take on roles as specialists in preparing sustainability reports. 'Training providers should refer to the SR BOK to design specialised courses. This will help ensure consistency in the depth of training programmes across different training providers,' Acra said. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up However, while the manual will serve as a foundation for providers to design their curricula, they have the flexibility to restructure the content and incorporate relevant topics to address specific learning needs. Case studies to demonstrate applications of key concepts will also be made available to training providers. Acra also said that it is working with SkillsFuture Singapore to provide funding support for training programmes aligned with the guidebook. Topics covered in the guidebook include materiality assessment, climate transition plans and assurance. Acra said that the training manual has been validated by more than 50 key industry stakeholders, including company preparers, assurance providers, professional bodies and training providers. Training providers such as the Institute of Singapore Chartered Accountants, as well as several institutes of higher learning, including the Nanyang Technological University and Temasek Polytechnic, have committed to align their training programmes with the guidebook. 'This alignment will strengthen the development of comprehensive training programmes to build capacity in sustainability reporting, creating a strong pipeline of professionals who can prepare climate-related disclosures and bolster Singapore's sustainability reporting ecosystem,' said Acra.
Canada News.Net
02-05-2025
- Business
- Canada News.Net
Pause on Climate Disclosure Rules Threatens Canada's Competitiveness, Advocates Warn
Canada's top securities regulators are pausing new climate disclosure rules, in what they say is a bid to support competitiveness in tumultuous times, but advocates warn the move might leave the country lagging behind global markets. The Canadian Securities Administrators (CSA) had been developing a mandatory climate-related disclosure rule to align Canadian reporting standards with international frameworks, like those set by the International Sustainability Standards Board (ISSB). But on April 23, the CSA announced it was pausing work on the rule to support Canadian markets as they "adapt to the recent developments in the United States and globally." The move makes Canada look inconsistent, said Maya Saryyeva, acting executive director of the Queen's University's Institute for Sustainable Finance. View our latest digests "By reversing its decision, the CSA has signalled that Canada may not consistently uphold its regulatory commitments, appearing vulnerable to shifting policies in response to unfounded rhetoric originating from the United States," Saryyeva told The Energy Mix. "This creates significant risk if we are serious about maintaining the competitiveness of Canada's capital markets." Stan Magidson, chair of the CSA and the Alberta Securities Commission, said in a statement that rapid and significant changes in the global economic and geopolitical landscape have resulted "in increased uncertainty and rising competitiveness concerns for Canadian issuers." "In response, the CSA is focusing on initiatives to make Canadian markets more competitive, efficient, and resilient," he added. While the pause is in effect, the CSA is encouraging issuers to refer to standards issued by the Canadian Sustainability Standards Board as a "useful voluntary disclosure framework." It is similarly work on diversity, equity, and inclusion (DEI) disclosure rules on hold, saying it "expects to revisit both projects in future years." The CSA will continue monitoring disclosure practices and addressing misleading practices, such as greenwashing. Shift Action for Pension Wealth and Planet Health condemned the move, calling it "a shocking abdication of responsibility" from Canada's financial regulators. The organization stressed that regulators are responsible for ensuring system stability and reducing risk, and that disclosure rules are "critical for investors and companies preparing for climate disruption." Others pointed out that such disclosures are already in place in the European Union and Asia, which are becoming increasingly important trading partners for Canada. And even though recent EU legislation proposes to exempt some companies from climate-reporting, Canada is still starting "from very far behind," said Julie Segal, senior manager of climate finance at Environmental Defence Canada. Pausing disclosure requirements will prevent Canada from "catching up" to engage with those other economies on an equal footing, Segal told The Mix . Canadian companies may also be put at a disadvantage when attracting capital from green investors, Saryyeva said. "Canadian and global investors (especially in Europe, Asia, and the U.S.) increasingly require climate-related information before investing, and companies without credible disclosures may lose access to international capital or face higher borrowing costs." Source: The Energy Mix
Canada Standard
01-05-2025
- Business
- Canada Standard
Pause on Climate Disclosure Rules Threatens Canada's Competitiveness, Advocates Warn
Canada's top securities regulators are pausing new climate disclosure rules, in what they say is a bid to support competitiveness in tumultuous times, but advocates warn the move might leave the country lagging behind global markets. The Canadian Securities Administrators (CSA) had been developing a mandatory climate-related disclosure rule to align Canadian reporting standards with international frameworks, like those set by the International Sustainability Standards Board (ISSB). But on April 23, the CSA announced it was pausing work on the rule to support Canadian markets as they "adapt to the recent developments in the United States and globally." The move makes Canada look inconsistent, said Maya Saryyeva, acting executive director of the Queen's University's Institute for Sustainable Finance. "By reversing its decision, the CSA has signalled that Canada may not consistently uphold its regulatory commitments, appearing vulnerable to shifting policies in response to unfounded rhetoric originating from the United States," Saryyeva told The Energy Mix. "This creates significant risk if we are serious about maintaining the competitiveness of Canada's capital markets." Stan Magidson, chair of the CSA and the Alberta Securities Commission, said in a statement that rapid and significant changes in the global economic and geopolitical landscape have resulted "in increased uncertainty and rising competitiveness concerns for Canadian issuers." "In response, the CSA is focusing on initiatives to make Canadian markets more competitive, efficient, and resilient," he added. While the pause is in effect, the CSA is encouraging issuers to refer to standards issued by the Canadian Sustainability Standards Board as a "useful voluntary disclosure framework." It is similarly work on diversity, equity, and inclusion (DEI) disclosure rules on hold, saying it "expects to revisit both projects in future years." The CSA will continue monitoring disclosure practices and addressing misleading practices, such as greenwashing. Shift Action for Pension Wealth and Planet Health condemned the move, calling it "a shocking abdication of responsibility" from Canada's financial regulators. The organization stressed that regulators are responsible for ensuring system stability and reducing risk, and that disclosure rules are "critical for investors and companies preparing for climate disruption." Others pointed out that such disclosures are already in place in the European Union and Asia, which are becoming increasingly important trading partners for Canada. And even though recent EU legislation proposes to exempt some companies from climate-reporting, Canada is still starting "from very far behind," said Julie Segal, senior manager of climate finance at Environmental Defence Canada. Pausing disclosure requirements will prevent Canada from "catching up" to engage with those other economies on an equal footing, Segal told The Mix. Canadian companies may also be put at a disadvantage when attracting capital from green investors, Saryyeva said. "Canadian and global investors (especially in Europe, Asia, and the U.S.) increasingly require climate-related information before investing, and companies without credible disclosures may lose access to international capital or face higher borrowing costs." Source: The Energy Mix
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.
