G20-backed standards body approves first global company sustainability rules

LONDON : The G20-backed International Sustainability Standards Board on Thursday approved"global baseline" rules for firms disclosing how climate change affects their business, after calls to curb greenwashing in a"pivotal" year for climate reporting.

But international firms worry they will simply end up with a patchwork of official sector norms, given the EU and United States are also writing corporate disclosures as new environmental, social and governance rules take centre stage. The ISSB and EU have come under heavy pressure from regulators to make their climate-related disclosures"interoperable" to avoid clashes that bump up compliance costs.

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