REPORTING

IFRS Foundation launches International Sustainability Standards Board

The IFRS Foundation Trustees have marked Finance Day at COP26 by confirming the formation of an International Sustainability Standards Board (ISSB) to create a global baseline for corporate sustainability disclosures that meet investor demands. The aim of the new Board is to unify disclosures from corporates, helping investors and other stakeholders to properly compare their sustainability performance and related risks. Additionally, the IFRS Foundation has issued a new commitment to consolidate the Climate Disclosure Standards Board (CDSB—an initiative of CDP) and the Value Reporting Foundation, which houses the Integrated Reporting Framework and the SASB Standards, by June 2022. This is designed to ensure that the new Board builds on these existing disclosure frameworks to ease the process for corporates. (edie; Value Reporting Foundation)

CLIMATE CHANGE

COP26 emission pledges may limit global heating to below 2^oC

Emissions reduction pledges at the COP26 climate summit would limit global temperature rises to below 2^oC, the first time the world has been on such a trajectory, according to the University of Melbourne. Plans by India, the world’s third largest emitter, have made a sizeable difference to the global temperature estimate. If commitments are fulfilled, temperatures would probably rise by about 1.9^oC above pre-industrial levels, below the 2^oC upper limit but still above the 1.5^oC lower limit set out in the 2015 Paris climate agreement. Currently, 90% of global GDP is covered by net zero pledges, up from about 30% a year ago. Achieving the below 2^oC rise remains highly conditional on countries mapping credible pathways to net zero and developing nations receiving adequate climate finance to reach carbon neutrality. (The Guardian)

SUSTAINABLE INVESTMENT 

World’s biggest banks pledge to limit greenhouse gas emissions

Hundreds of the world’s biggest banks and pension funds with assets worth $130 trillion have committed themselves to a key goal in limiting greenhouse gas emissions, at the COP26 climate summit. The pledge by more than 450 financial institutions in 45 countries is intended to be one of the top achievements coming out of the Glasgow-based COP26 talks to help limit global heating to 1.5^oC. Finance is seen as key to the massive economic transformation required to move away from fossil fuels and reach net zero. However, experts and campaigners cast doubt on the claims, pointing out that banks making the pledge are still free to pour cash into fossil fuels, and need only divert a small proportion of their funding to low-carbon ends in the next decade. (The Guardian)

ENERGY

More than 40 countries pledge to quit coal fired power at COP26

Over 40 countries are committing to shift away from coal, the single biggest contributor to climate change, in pledges made at the COP26 climate summit. Signatories to the agreement have committed to ending all investment in new coal power generation domestically and internationally. They have also agreed to phase out coal power in the 2030s for major economies, and the 2040s for poorer nations. Major coal-using countries including Poland, Vietnam and Chile are among those to make the commitment, as well as dozens of organisations, with several major banks agreeing to stop financing the coal industry. However, some of the world's biggest coal-dependent countries, including Australia, India, China and the US, did not sign the pledge. Furthermore, no agreement has been made on the phasing out of oil and gas. (BBC News)

SUPPLY CHAIN

BT, Unilever, Ikea to support other firms to halve supplier emissions

A new collaborative platform for businesses striving to cut emissions sharply across their supply chains has been launched by a string of big businesses including BT, Unilever and Ikea, supported by non-profit BSR. The scheme is an online platform set up to help companies, cities and nations to back up long-term climate targets with plans to at least halve emissions by 2030, and includes practical pieces of advice, links to open-source tools and case studies from BT Group, Unilever, Ikea, Ericsson and Telia Company, which have already committed to halving supply chain emissions by 2030. Issues covered in the guide include identifying which subset of suppliers have the largest climate impact; changing sustainability-related supplier requirements; training procurement teams; and providing suppliers with the resources they need to meet new demands. (edie)

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