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Investment Industry Calls for 2025 Global ISSB Adoption

A new multi-stakeholder call to action has urged jurisdictions around the world to adopt the sustainability reporting standards developed by the International Sustainability Standards Board (ISSB) by 2025. The letter claimed that standardised reporting will allow the financial industry to allocate capital efficiently, accounting for sustainability-related financial risks and opportunities, and ensure governments and international organisations to also deploy the power of capital markets more effectively to achieve their own sustainability-related goals. It was coordinated by the UN-backed Principles for Responsible Investment (PRI) and supported by a number of asset owners and other industry groups. “Investors need comparable and high-quality ESG data from companies to consider sustainability risks and opportunities in their investment decisions,” said David Atkin, CEO of the PRI. “The ISSB’s first set of standards are a significant step in this direction, but their success relies on adoption across global markets.” The letter also highlighted the efforts of the ISSB to bring together existing standards bodies and approaches to limit fragmentation in sustainability reporting, ensuring a more interoperable baseline. “Climate change is a worldwide issue, and if we have differing rules in different regions, we risk slowing our progress in the transition to a low-carbon economy,” said Chris Ailman, Chief Investment Officer at the California State Teachers Retirement System. “We must improve sustainability-related financial information to help us manage the risks in our portfolio so we can protect the pensions of California’s public educators. The ISSB standards will help us accomplish this goal.”

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