The demand for companies to consistently disclose sustainability information globally has become a priority for the investment community as well as various levels of government around the world.
The various types of sustainability frameworks have been governed by different regulators of said standard; However, these have not been mandatory or consistent in terms of their requirements. This is how "greenwashing" emerged, where companies can choose and disclose only information that sheds a positive light on their activities, ignoring others.
This fragmentation has led to calls from several companies around the world for the creation of a standards regulator that can continue to build on the work already done by other organizations and begin issuing a single set of globally consistent sustainability standards, which can be taken as a reference base throughout the world. In this way, jurisdictions could have a global reference base for the requirements under development and continue developing others that were necessary.
Due to these rapid developments, it is increasingly necessary for Boards of Directors (or similar governing bodies) and Heads of Government (TCWG), such as audit committees, to learn about and stay up to date on the topic. the status of sustainability reporting requirements around the world.