Davos 2020: Companies sign up to environmental disclosure scheme

about 4 years ago

The Big Four accounting groups and many of the world’s largest companies have reportedly signed up to a new framework launched at the World Economic Forum (WEF) in Davos that will enable them to report their corporate metrics on subjects such as employment standards and the environment in line with the UN SDGs.
The metrics, which were crated by the WEFs International Business Council (IBC) are meant to be deployed in corporate accounts from 2021, although an informal poll of WEF attendees found only a third were confident that “fully fledged” metrics would be in place within the next five years.
The focus of IBC’s new metrics lies on the sectors governance, planet, people, and prosperity, with existing disclosure frameworks taken as inspiration and will also include the EU’s new taxonomy that defines green instruments.

It is worth noting that the initial target deadline for the new IBC metrics aligns with the current plan to have the EU taxonomy established by the end of 2020, in order to ensure its full application by end of 2021 – so perhaps this will provide an additional incentive to adhere to this timeline.