Speaking at a New York Climate Week conference, where US President Joe Biden also took the floor, FSMA and IOSCO Chair Jean-Paul Servais met with President Biden and with Michael Bloomberg and called for the rapid implementation of an international framework for climate reporting, along the lines of what currently exists for financial reporting.
Jean-Paul Servais, in addition to being Chairman of the FSMA, is also Chair of IOSCO, the global organisation of financial market regulators. IOSCO has over 130 members, which together control 95 per cent of financial markets.
As IOSCO Chair, Jean-Paul Servais participated last week in a host of conferences and meetings as part of New York Climate Week. The focus during this week was on climate data and reporting, topics in which IOSCO plays a central role as an international standard setter.
The aim is to make climate data equivalent to financial data in terms of quality, consistency and availability. An estimated 130,000 companies worldwide would eventually adopt the new climate data reporting standards.
The data could be used by investors, financial institutions, regulators as well as the companies themselves. Checking data quality and information on companies' transition plans towards greater sustainability are also topics IOSCO is currently working on and were discussed in New York.
Jean-Paul Servais: ‘President Biden's participation underlines the importance of this New York Climate Week and of the implementation of a global framework for climate data and reporting. Promoting high-quality sustainability reporting is one of the key priorities for IOSCO to protect investors from greenwashing. Since IOSCO announced its endorsement of the first ISSB standards in July 2023, rapid progress has been made globally in implementing sustainability reporting requirements and I welcome this Climate Week's focus on this important topic’.
