Latest jurisdictional developments in sustainability reporting
A number of jurisdictional consultations on adoption of sustainability reporting based on IFRS standards are ongoing.
The most recent consultation are in:
- Brazil where consultation on technical standards based on IFRS S1 and S2 is open until 13 June 2024,
- South Korea where Exposure drafts of Korean Sustainability Disclosure Standards, also based on IFRS S1 and S2, have been issued, with a closing date for responses on 31 August 2024, and
- China, where the Chinese Ministry of Finance has published a consultation on “Corporate Sustainability Disclosure Standard—Basic Standard” with a comment period ending on 24 June 2024.
Meanwhile, the Stock Exchange of Hong Kong has introduced climate reporting requirements aligned with IFRS S2 which will be effective commencing on 1 January 2025 with mandatory disclosure of Scope 1 and 2 greenhouse gas emissions for “LargeCap Issuers” and comply or explain requirements for other disclosures.
The IFRS Foundation has also made IFRS S1 and S2 available in Simplified Chinese. The Standards have already been translated into Spanish, French, Japanese, Korean and Romanian.