ESG Insider: ISSB prioritizing climate in 1st reporting year
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The International Sustainability Standards Board (ISSB) on April 4 announced that companies can take a phased-in approach to reporting under its forthcoming sustainability standards, allowing them to focus only on climate-specific information in the first reporting year of 2024 and wait to add other sustainability-related disclosures in 2025.
The ISSB standards are expected to be finalized by the end of the second quarter of this year and could form the basis for a unified climate and sustainability disclosure framework for companies and investors globally.
The ISSB said it will relax other elements of the standards for the full first year a company uses the standards, including not having to report on Scope 3 greenhouse gas emissions — the indirect emissions that occur up and down a company's value chain — or having to provide comparative information.
While some companies are already disclosing sustainability information beyond climate change, “companies around the world are not all starting from the same place,” ISSB Chair Emmanuel Faber said in a statement.
In this week's newsletter, we examine how global demand for lithium — a key metal used in electric vehicle batteries — is set to outpace supply this year. We also look at how the US is on track to close half of its coal fleet by 2026 and Nigeria is scaling up its carbon markets. And we highlight an interview with an official from the International Emissions Trading Association who describes the need for more incentives in the carbon credit market.
In this week's episode of the ESG Insider podcast, we sit down for an interview with BBVA Chair Carlos Torres Vila to learn how one of the largest banks in Spain and Mexico is approaching the energy transition.
Chart of the Week
US on track to shutter half of coal-fired fleet by 2026 – IEEFA
The US is on track to shutter half of its peak coal-fired generation capacity by 2026, a key milestone in its energy transition, according to an April 3 report from the Institute for Energy Economics and Financial Analysis.
INTERVIEW: Lack of clarity, guidance for corporates holding back voluntary carbon markets
Better governance and clear guidance for corporates to navigate carbon credits is key to the development of voluntary carbon markets, an official from the International Emissions Trading Association (IETA) said.
Global lithium demand seen outpacing production in 2023: OCE
Global lithium demand is expected to outmatch lithium production in 2023 by around 3% at a time of growing adoption of electric vehicles in countries, even as major producers boost output, Australia's Office of the Chief Economist said in a report.
Nigeria sets sights on developing carbon markets, government working on carbon tax
Nigeria's plans to scale up its carbon markets are starting to take shape, with the government looking to introduce a carbon tax policy and increase participation in the voluntary space.
ESG Insider Podcast
We sit down for an interview with BBVA Chair Carlos Torres Vila to learn how one of the largest banks in Spain and Mexico is approaching the transition. Carlos talks about steps BBVA is taking to lower the carbon profile of its portfolio in sectors high in emissions intensity. He explains how the bank is mobilizing capital for the low-carbon transition. And he tells us that the right economic incentives will help unlock the innovation needed to advance the transition.
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Corporate Sustainability/ESG Consultant, Professor Associado na FDC - Fundação Dom Cabral, Advisor Professor at FDC
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