– ICVCM and VCMI Partner To Operationalize High-Integrity Carbon Market
– Why Companies Need to Appoint More Young Directors
– IFRS – ISSB Issues Inaugural Global Sustainability Disclosure Standards
The Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Markets Integrity Initiative (VCMI) have partnered to establish a high-integrity voluntary carbon market. By defining best practices and credibility standards for sourcing and utilizing high-quality carbon credits, the organizations plan to issue new guidelines and reinforce the importance of carbon market investments in corporate climate strategies. Through their combined efforts, ICVCM and VCMI seek to build a trusted and impactful market that fosters trust among stakeholders, enhances investor confidence in carbon credits and promotes meaningful climate action.
This partnership between ICVCM and VCMI is crucial for meeting climate goals as it increases accountability and transparency in the voluntary carbon market, ensuring that carbon credits purchased by investors contribute effectively to reducing greenhouse gas emissions. By establishing a high-integrity market, it encourages businesses and organizations to incorporate carbon market investments into their climate strategies, accelerating the transition to a low-carbon economy.
A survey conducted by consumer research firm Mobium reveals that over half of Australians are unable to identify a brand or company known for sustainable and ethical products. The survey highlights the failure of corporate Australia to provide environmentally friendly offerings, particularly concerning younger consumers who are more concerned about climate change. The research underscores the need for boards to include younger directors who can better understand and represent the interests of consumers, as well as the importance of companies improving their sustainable practices and being more transparent in their environmental claims.
Overall, the survey findings emphasize the gap between consumer expectations and the products and services currently available in the market. It highlights the need for companies, particularly large ones, to improve their sustainable practices, increase transparency in their claims, and better communicate their environmental efforts. Meeting rising consumer expectations and addressing concerns about climate change is integral for companies to gain consumer trust, attract talent, and ensure long-term success in the evolving marketplace.
The International Sustainability Standards Board (ISSB) has released its first set of sustainability standards, IFRS S1 and IFRS S2, aimed at improving trust and confidence in sustainability disclosures by companies worldwide. These standards provide a common language for disclosing the impact of climate-related risks and opportunities on a company’s prospects, aligning with the recommendations of the Task Force on Climate-related Financial Disclosures. The ISSB will collaborate with jurisdictions and companies to support the adoption of these standards and will continue working on other sustainability topics beyond climate.
These standards aim to improve trust and confidence in sustainability-related disclosures and provide a global baseline for companies to communicate their sustainability story. Their adoption is expected to impact publicly traded companies, and Canadian regulatory bodies have expressed their support and intent to adopt the ISSB requirements in the future.