🌍🌱📊 Breaking News: ESG Standards Board Partners With World Bank to Aid Reporting 🌍🌱📊
📢 Exciting news for the world of sustainability reporting! The International Sustainability Standards Board (ISSB) has just announced a groundbreaking collaboration with the World Bank's private sector arm. [3] [2] [1] Together, they will be working to support countries with developing economies in advancing their corporate sustainability reporting efforts. This partnership is a significant step towards a more sustainable and transparent future for businesses worldwide.
🌱 As we've seen in recent news, the demand for greater transparency and action on environmental, social, and governance (ESG) issues is growing rapidly. Stakeholders are increasingly holding companies accountable for their impact on the planet and society. In Thailand, for example, the expansion of the ESG fund criteria aims to revive a sluggish stock market and restore investor confidence amidst economic challenges and corporate scandals.
💡 GlobalData advises CEOs to tackle ESG risks head-on to avert potential backlash from stakeholders. It's clear that ESG issues are no longer just a buzzword, but a critical factor in how businesses are conducted globally. The UK government's decision to delay adopting global ESG standards until 2025 highlights the importance of careful consideration and collaboration in implementing these standards effectively.
🤝 Now, with the ISSB partnering with the World Bank, countries with developing economies will have access to the expertise and resources needed to enhance their corporate sustainability reporting practices. This collaboration will empower businesses in these countries to align with international ESG standards, fostering greater transparency and accountability.
🌍🌱 The impact of this partnership extends far beyond individual companies. By promoting sustainable practices and reporting, we can collectively work towards a more resilient and responsible global economy. It's an opportunity for businesses to showcase their commitment to sustainability, attract responsible investors, and build trust with stakeholders.
📢 What are your thoughts on this collaboration? How do you think it will benefit developing economies and businesses? Share your insights and let's drive positive change together!
#ESG #Sustainability #Transparency #Collaboration #GlobalEconomy #ResponsibleBusiness #CorporateReporting #WorldBank #ISSB
References:
[1] Thailand expands ESG fund criteria to boost sluggish bourse: https://lnkd.in/dsGdyjqM
[2] GlobalData advises CEOs to tackle ESG risks to avert stakeholders backlash: https://lnkd.in/dZQ3M93N
[3] UK Delays Decision on Adopting Global ESG Standards Until 2025: https://lnkd.in/drMM3QiC
Having just completed the ESG certification program (cohort 4) via TheBoardroom Africa , it’s amazing how topical this challenge is with an urgent requirements for boards to take this seriously to lead and set the pace to incorporate ESG frameworks in their organizations - especially boards for businesses in Africa. When done right it can potentially lead to new opportunities, cost savings and risks mitigation.