According to the IFRS, “Jurisdictions representing over half the global economy by gross domestic product (GDP) have announced steps to use the International Sustainability Standards Board’s (ISSB) Standards or to fully align their sustainability disclosure standards with those of the ISSB.” This includes over 20 jurisdictions representing close to 55% of the GDP, over 40% of global market capitalization, and more than half of global greenhouse emissions.

The IFRS believes the International Organization of Securities Commissions’ (IOSCO) endorsement of the ISSB’s sustainability-related financial disclosure standards back in July 2023, has created a “significant response” after encouraging its members to adopt, apply or be informed of the Standards so that it fosters consistency and comparability for companies’ climate and sustainability-related disclosures for investors. IOSCO has 130 member jurisdictions that regulate more than 95% of the world’s securities markets.

On May 28, 2024, the IFRS Foundation announced that is released a guide, the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards, to help jurisdictions design and plan for the adoption or other use of its ISSB Standards. The Foundation has also outlined its Regulatory Implementation Programme, which is a framework to collaborate with the Growth and Emerging Markets Committee of IOSCO.

More information is available here.