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The International Sustainability Standards Board (ISSB) released its inaugural set of global reporting standards, setting the stage for enhanced climate disclosures in global capital markets.

The ISSB standards aim to establish commonly used disclosures for climate-related risks and opportunities, and to ultimately improve investor decision-making in this area.

“The ISSB standards have been designed to help companies tell their sustainability story in a robust, comparable and verifiable manner,” said Emmanual Faber, chair of the ISSB, in a release. “We have consulted closely with the market to ensure the standards are proportionate and will result in disclosures that are relevant for investment decision-making.”

The first set of standards includes both disclosure requirements for sustainability related risks and specific climate disclosures, which are based on the recommendations of the Task Force on Climate-related Financial Disclosures.

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It will now be up to local regulators and global groups such as the International Organization of Securities Commissions (IOSCO) to endorse those standards for issuers and investors to use.

“IOSCO is conducting an independent assessment of the ISSB standards, with a view to completing this review promptly,” said Jean-Paul Servais, chair of IOSCO, in a release.

The Canadian Securities Administrators was one of the first regulators to propose enhanced climate standards, but that effort has stalled in anticipation of the final ISSB standards.

With the launch of the ISSB’s standards, the Canadian Sustainability Standards Board (CSSB) said it will hold its first meeting next month and launch deliberations on adopting the ISSB standards in Canada.

It noted the ISSB is targeting annual reporting periods after Jan. 1, 2024 for implementing the new standards.

“Decisions about adoption — including how effective dates are determined in Canada — will be part of the CSSB’s initial discussions,” the CSSB said.

In the meantime, the IFRS Foundation Monitoring Board — which includes IOSCO and several other major regulators, including the U.S. Securities and Exchange Commission, the Financial Services Agency of Japan, and the U.K.’s Financial Conduct Authority — welcomed the final standards.

“These standards answer the clear market demand for complete, consistent, comparable and reliable corporate sustainability disclosures,” said the FCA in a statement. “Including this information in annual financial reports will inform companies’ own decisions, and capital allocation by investors and lenders; feed data services; underpin instrument and product design; and steer corporate decision making.”

At the same time, the ISSB said it’s consulting on future priorities. It’s seeking feedback on those by Sept. 1.