ECB, IMF call on climate standard setters to align company disclosures

The aim is for more rigorous reporting to make 'greenwashing' or inflated climate-friendly claims, harder.While widely backing the creation of global norms, many call for better definitions of key concepts, a longer phase-in, and stress the need for them to be 'interoperable' with standards being written by the European Union and U.S. Securities and Exchange Commission.

"Therefore, interoperability between the forthcoming ISSB standards and jurisdictional requirements remains one of the largest challenges that harmonization work ultimately faces... it is important to avoid further fragmentation," the International Monetary Fund said.

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