Insurance Europe has responded to a consultation conducted by the International Sustainability Standards Board (ISSB) regarding exposure drafts of two International Financial Reporting Standard (IFRS) Sustainability Disclosure Standards (SDS): one covering general sustainability-related disclosure requirements (IFRS S1) and the other climate-related disclosure requirements (IFRS S2).
The ISSB can help to avoid global fragmentation and overlapping requirements in the field of sustainability reporting by creating a global baseline, in which jurisdictions and regional standard-setters can develop complementary requirements to address their specific policy characteristics.
In view of this, the ISSB must work in close cooperation with relevant jurisdictions, including the EU, when developing the global baseline for reporting requirements to ensure full interoperability. Ultimately, European insurers active in international markets should comply with the ISSB standards by applying European Sustainability Reporting Standards (ESRS) and, therefore, avoid double reporting efforts.
Furthermore, it is important to note that: