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G20 finance ministers and Central Bank governors welcome sustainability initiative

Written on Jul 13, 2021

The G20 Finance Ministers and Central Bank Governors met in Venice last week and created a communiqué commenting on sustainability reporting.

The communiqué notes that the Finance Ministers and Central Bank Governors welcome the Financial Stability Board’s (FSB) report on promoting globally consistent, comparable and reliable climate-related financial disclosures and its recommendations. They stress that they will work to promote implementation of disclosure requirements or guidance, building on the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) framework, in line with domestic regulatory frameworks, to pave the way for future global coordination efforts, taking into account jurisdictions’ circumstances, aimed at developing a baseline global reporting standard. 

The communiqué notes: To that aim, we welcome the work program of the International Financial Reporting Standards Foundation to develop a baseline global reporting standard under robust governance and public oversight, building upon the TCFD framework and the work of sustainability standard-setters, involving them and consulting with a wide range of stakeholders to foster global best practices.