G7 Supportive of ISSB, High-Integrity Carbon Markets

Following a two-day meeting, the G7 Finance Ministers and Central Bank Governors have confirmed their support of the IFRS Foundation’s International Sustainability Standards Board (ISSB) and recognised the potential of high integrity carbon markets and carbon pricing in achieving decarbonisation targets. Of the former, ISSB Chair Emmanuel Faber said: “We are encouraged by the G7’s endorsement of our work to deliver a global baseline of sustainability disclosures for the capital markets. We reaffirm our commitment to work in close cooperation with jurisdictions and market participants, both on development and adoption of the global baseline and its interoperability with broader jurisdictional requirements.” The Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD) and Financial Stability Board (FSB) also attended the meeting. All participants further agreed on concrete actions to deepen multilateral economic cooperation and commitment to ensuring a united response to Russia’s invasion of Ukraine. 

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