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  • Deborah

On July 29, the European Banking Authority (EBA) submitted its response to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards that provides for the following:

  • Development of the concept of materiality aligns with the definition of financial materiality that would also take into account ‘information and phenomena that have an impact on people and environment which may be also relevant to enterprise value creation’ to ensure consistency, comparability, and verifiability of the information.

  • Inclusion of an index that would include all the sustainability-related financial disclosures in applicable IFRS with their location in the general-purpose financial reporting.

  • Provision of additional illustrative guidance regarding the application of the definition of the value chain that would also consider the wide range of different business models.

  • Separation of the disclosure related to GHG emission reduction targets from the disclosure related to the use of [certified] carbon offsets to enhance transparency and avoid any misleading information on the reduction of carbon emission.

  • Clarification of the concept of anticipated effects of climate-related risks [related to the disclosure of quantitative information] as well as its interaction with the effects on the enterprise value.

Supportive of the ISSB work, the EBA encourages the EFRAG and the ISSB to cooperate with one another as they finalize their consultation.

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