26 June 2023 (London): Commenting on the launch of the International Sustainability Standards Board (ISSB) final standards, Nicolette Bartlett, Chief Impact Officer said: "CDP welcomes the release of the ISSB standards and is delighted to support the rapid implementation of the S2 climate standard across the global economy by incorporating it into our disclosure system from 2024. This means that from next year all companies disclosing through CDP (18,700 in 2022, worth half of global market capitalization) will be asked to disclose against the ISSB climate standard. This will enable simplified and streamlined reporting for companies, in turn providing data to a range of stakeholders in a way that is consistent and comparable across regions and regulatory requirements.
The long-awaited global baseline standard for climate-related disclosure is an important step towards more transparency, accountability, and management of risk within financial markets. It will support companies and financial institutions to build resilience, creating an incentive for companies and their investors to improve their sustainability performance. The inclusion of Scope 3 emissions in the ISSB standard, announced at the end of 2022, is very welcome. Reporting of scope 3 emissions through CDP’s disclosure platform has been increasing for many years, but not as much as we need it to. CDP is confident that the inclusion of scope 3 emissions in ISSB climate will drive more companies to disclose this important information.
To meet our global goals, it’s critical that this disclosure which focuses on climate-related financial risk is paired with disclosure that covers all corporate environmental impacts. CDP will continue to support companies to disclose this information alongside what is required by this new standard, as well as disclosure against all high quality global and jurisdictional-level standards, such as those being developed in the EU, the US, and across the world.”
ENDS
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CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 740 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.