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London, 3 November 2021 – Bob Moritz, PwC Global Chairman: We welcome today’s announcement establishing the International Sustainability Standards Board (ISSB). This is an important step towards having globally consistent and trusted standards for investor-focused corporate reporting on environmental, social and governance (ESG) issues.
The creation of the ISSB, with the consolidation of the Climate Disclosure Standards Board and Value Reporting Foundation, is a transformational event for ESG reporting. We are pleased that this strategic convergence will enable the ISSB to leverage existing standards and we encourage policy makers to build upon and align with the global sustainability standards issued by the ISSB as they consider reporting needs.
The ISSB is rightly starting with climate change, but it is important to quickly move on to other significant ESG areas. And, while investor needs are crucial, so are the needs of other stakeholders.
This is not just a technical issue - it is an important element of the kind of systemic economic reform we need to see to address issues like climate change. Increasing transparency shifts incentives, and makes it easier for markets to support organisations that perform well in a sustainable way. This is good for society and good for business.
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Director, Global Corporate Affairs and Communications, PwC United Kingdom
Tel: +44 7803 974136