The UK government has been urged to mandate corporate reporting in accordance with the International Sustainability Standards Board (ISSB) Standards.
According to Envrionmental Finance, this call to action is detailed in a recent paper that outlines climate finance policy recommendations.
Mark Manning, an independent adviser to organisations such as the IFRS Foundation and World Bank, and former specialist for sustainable finance at the Financial Conduct Authority, has emphasised the need for immediate action. In his paper, “Accelerating transition: Climate finance policies to prioritise in the first 100 days,” Manning criticised the previous administration’s decision to delay the adoption process. He stated that reversing this delay would “bring forward the benefits for UK markets and enhance UK leadership internationally”.
The report puts forth 25 recommendations, urging the Labour government to set a whole-of-economy transition plan. Manning’s comprehensive analysis and recommendations were supported by contributions from notable entities including Bankers for Net Zero, the World Benchmarking Alliance, the Climate Bonds Initiative, Chapter Zero, the GARP Risk Institute, and PWC.
In his recommendations, Manning also highlighted the significance of a coordinated effort across all sectors of the economy to achieve a sustainable transition. This, he argues, would not only solidify the UK’s position as a global leader in sustainable finance but also ensure long-term economic stability and growth.
The push for ISSB adoption and the establishment of a transition plan underscores the urgency of addressing climate change and its financial implications. It reflects a broader consensus among financial experts and institutions on the necessity of integrating sustainability into the core of financial reporting and policy-making.
As the UK navigates its climate finance policies, the recommendations laid out by Manning and his collaborators provide a robust framework for immediate and effective action. The implementation of these measures is seen as critical for the UK to meet its climate goals and to set a precedent for other nations to follow.
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