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ISSB mayday call

On 26 June 2023, the International Sustainability Standards Board (ISSB), a new agency announced at COP 26 in 2022, issued its inaugural standards—IFRS S1 and IFRS S2 —ushering in a new era of sustainability-related disclosures in capital markets worldwide! When announced at Glasgow last year it was said to have the potential to help direct US$34 trillion in capital market investments towards the greenest companies across the world. This was the one announcement at COP 26 that arguably could truly have saved the world. The financial sector, who were represented at Glasgow, said at the time they were all champing at the bit to pour money into sustainable companies - if they just had a common global standard to indicate which companies were the most the most climate friendly. With that, the money would flow. Hence the establishment of the ISSB with the urgent mission to develop the standards. So, the ISSB has now issued the standards! But guess what? Lily livered, self interested, oblivious and unthinking national governments and multinational corporations around the world have seemingly just ignored them. It looks from publicly available information as if virtually all governments around the world are paying lip service to the new standards in their fine print, by saying they will permit the standards to be used and /or they have they have similar standards in their own countries already. But the whole idea of the ISSB was that everybody - urgently - adopts these standards so there is certainty in international financial markets around investing in environmentally sustainable businesses. And that this would potentially shoehorn up to $34 trillion in private investment to the projects that are actually good for the planet. Half adoption and weak lip service turns this idea into a joke. So clearly beholden to old fashioned notions of competitive advantage and self interest over the common good are they, govermentss around the worlsd seem to have simply, and very quietly, just declined to adopt them. Global coordination on this one issue just might have been our last hope for avoiding climate calamity. It seems global coordination on anything is destined to fail while good ideas like this are swept under the carpet by governments who are beholden to corporations and self interest. Is this what is happening? Really? It is hard to know, becasue even the media, the fourth estate, has said nothing about this situation. Where is everybody? The global media needs to hold this entire situation up for everyone to see. At the moment, nobody has even heard of the ISSB. Nobody even knows that we might, right now, be letting this, our greatest chance to avert catastrophic climate change, slip through our fingers. So, let's give this issue some attention! Start here on! If you agree all countries in world should adopt the ISSB Standards in the next 12 months, vote 'yes' here! Who knows? If it gets a few votes, this issue might get picked up by the media somewhere, and start to get some attention...
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