Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing.
The norms, published yesterday, were written by the International Sustainability Standards Board (ISSB), as trillions of dollars flow into investments that tout their environmental, social and governance credentials.
It would be up to individual countries to decide whether to require listed companies to apply the standards, ISSB chairman Emmanuel Faber said, adding that the standards can be used for annual reports from next year.
Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya and South Africa are considering their use, Faber said.
The standards build on voluntary ones from the G20’s Task Force on Climate-related Financial Disclosures (TCFD). Britain was…