Championing the ISSB’s climate global baseline at COP28: “Climate risks are increasingly having a real effect on companies and capital. Therefore - in response to calls for climate action at COP28 - we support the establishment of market infrastructure to enable consistent, comparable climate-related disclosures at a global level. We are committed to advancing the adoption and use of the ISSB’s Climate Standard as the climate global baseline.”
IFAC, as the global voice of the accountancy profession, encourages all member organizations to endorse this Declaration. IFAC’s endorsement of the Declaration is a call for improved and better-coordinated actions by the accountancy profession to help drive an enhanced global corporate reporting system.
In 2022, IFAC adopted the IMPACT approach, which was derived directly from IFAC’s Vision and Purpose, comprising three IMPACTs that are supported by our Strategic Objectives:
- Serving as the voice of the profession
- Working with member organizations and other stakeholders to ensure the profession is “future ready”, and,
- Supporting, as we have since 2003, international standard-setting processes and standard-setting boards.
At a higher level, the IMPACT approach connects our work to purpose, and perhaps more importantly, to the profession’s ability to help drive positive change in our world, wherever accountants are at work. Investors and other stakeholders now consider climate change to be a material issue that can have financial consequences for most companies. IFAC’s 180 member organizations and their 3.5 million professional accountant members play a key role in driving climate change mitigation, adaptation, and reporting. IFAC continues to advocate and support the profession’s role in enabling climate action by providing transparency and insights on the financial impacts of climate change.
At COP27 in Sharm El-Sheikh, the ISSB shared details of the ISSB’s new partnership framework, with more than 20 partner organizations including IFAC, to support preparers, investors and other capital market stakeholders as they prepare to use IFRS Sustainability Disclosure Standards. IFAC is joined by other members organizations who represent the accountancy profession such as the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia & New Zealand (CAANZ), CPA Canada, and the Hong Kong Institute of Certified Public Accountants (HKICPA).
Now, one year later, the ISSB has unveiled its COP28 Climate Declaration, which marks a significant step in prioritizing the climate agenda and bringing the benefits of effective disclosure to all. The comprehensive Declaration encompasses various critical areas, including fostering cross-sector collaboration, reducing carbon emissions, and increasing the allocation of climate financing.
Professional Accountancy Organization (PAOs) can demonstrate their support by joining IFAC in being added to the list of organizations supporting the COP28 Climate Declaration. If you have the authority to do so on behalf of your organization, please fill out this short form: https://forms.office.com/e/SZcwksce52