LONDON, June 26 (Reuters) - Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing.
The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials.
David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigour to sustainability reporting, more aligned with financial reporting.
Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors.
The European Union finalises its own disclosure rules next month and it and the ISSB have sought to make each other's norms "interoperable" to avoid duplication for global companies.
Persons:
Emmanuel Faber, Faber, Joanna Penn, Jean, Paul Servais, David Harris, Harris, haven't, Huw Jones, Alexander Smith, Robert Birsel
Organizations:
International Sustainability, Reuters, Force, London Stock Exchange Group, Union, Thomson
Locations:
Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya, South Africa