On 31st January 2022, the Climate Disclosure Standards Board (CDSB) was consolidated into the IFRS Foundation to support the work of the newly established International Sustainability Standards Board (ISSB). While this site and its resources remain relevant for preparers looking to improve sustainability disclosure until such time as the ISSB issues its IFRS Sustainability Disclosure Standards on such topics, no further work or guidance will be produced or published by CDSB. For further information please visit the IFRS website.

“There is no fiduciary duty to make the planet uninhabitable”

Jane reflects on summer, cricket, CDSB’s recent milestones and the CTI founder’s words of “There is no fiduciary duty to make the planet uninhabitable”.

Mid-August and the dog days of summer are with us. Often interpreted as a phrase coined due to the sultry heat that hits at this time of the year causing our canine friends to lie around in the shade all day, it actually stems from the fact that Sirius, otherwise known as the dog star, is seen to rise in the early morning just before the sun. 

The CDSB team certainly hasn’t been taking it easy this month; planning has begun in earnest for the exciting weeks ahead which will focus on the lead up to COP21, the UN Conference on Climate Change in Paris in December. Events are being planned, and we are working with organisations including the OECD, UN Global Compact, the IIRC and UNEP FI to ensure a programme of fantastic opportunities to engage with delegates to the conference, with our Framework at the heart of them. More details will emerge as COP21 approaches.

Strategic alliances and collaborations in the reporting world are of key significance for CDSB’s work, and our relationship with GRI is one to highlight this month. Earlier this summer GRI announced a new strategy focused on empowering sustainable decision making. This reflects their understanding that to create a sustainable economy, reporting must be used as a tool for strategic decision making, and with this approach a new GRI logo has been developed. It emphasises the fact that GRI is a network organisation, whose work is only possible because of the collaborations and support they receive from their Organisational Stakeholders and other partners. CDSB is delighted to have received our personalized GRI mark for Organisational Stakeholders, and we look forward to working with GRI going forward.

It’s been a fantastic summer for cricket, with some first class centuries scored, and the final Ashes Test match is starting as I write. CDSB’s Fiduciary Duty campaign is also celebrating a century - our 100th signatory confirmed this month. And not only the 100th organisation to join the campaign, but also the first Oil & Gas company to sign up - Sasol  is an integrated energy company employing over 30,000 people operating in 37 countries. 

Sasol’s stated goal is to be a great company that delivers long-term value to its shareholders and employees, and has a positive association for all stakeholders. Committing to the concept of climate-related information as an integral part of mainstream reporting shows leadership for the industry; at CDSB we will be building on this to engage with the sector, both through the Fiduciary Duty campaign and with our work on the challenge of reporting on stranded assets

The long term risks for investors inherent in stranded assets is in the news again, and CDSB plans to be at the heart of the debate.  We have a close association with CTI, the Carbon Tracker Initiative, on stranded assets reporting, and as Mark Campanale, CTI’s founder, says “There is no fiduciary duty to make the planet uninhabitable”.

Jane Stevensen is the Managing Director of CDSB.

Image source: Richard Ashley/flickr