ISSB announcements at COP15: description of the concept of sustainability and incorporation of two new theme in its work plan

During the 15th United Nations conference on biodiversity (COP15) held in Montreal in December 2022, ISSB members agreed how to describe the concept of sustainability and clarified that a company’s ability to deliver value for its investors is inextricably linked to (i) the stakeholders it works with and serves, (ii) the society it operates in, and (iii) the natural resources it draws on.

Keywords: Mazars, Thailand, Sustainability, IFRS, Biodiversity, COP15, ISSB

10 February 2023

In the future IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information, sustainability will be defined as ‘the ability for a company to sustainably maintain resources and relationships with and manage its dependencies and impacts within its whole business ecosystem over the short, medium and long term. Sustainability is a condition for a company to access over time the resources and relationships needed (such as financial, human, and natural), ensuring their proper preservation, development and regeneration, to achieve its goals.’

Taking into account feedback from stakeholders on the link between climate and nature, including cultivated and natural biodiversity, deforestation and water, the ISSB will make improvements to its future climate standard (IFRS S2 – Climate-related Disclosures), in order to integrate natural ecosystems and human capital aspects into a 'just transition'.

To this end, the ISSB will build on existing initiatives, in particular the work of the Taskforce for Nature-related Financial Disclosure (TNFD), where this meets the information needs of investors.

ISSB Chair, Emmanuel Faber, also announced the appointment of two further Special Advisers to work on these topics.

The press release is available here.