Americans for Financial Reform Education Fund organized and submitted a letter signed by 16 organizations to the International Sustainability Standards Board (ISSB). The letter pushes back on proposed amendments to the ISSB’s global greenhouse gas emissions disclosure framework that would exclude GHG emissions disclosure from insurance underwriting, investment banking, and derivatives activities. If ISSB finalizes this amendment it could contribute to further global backsliding on emissions reporting from financial firms.

The letter recommends that the ISSB NOT finalize their amendment, and instead require disclosure of insurance-associated emissions (i.e., from insurance underwriting) and facilitated emissions (i.e., from capital markets/investment banking activities) using the established methodologies from the Partnership on Carbon Accounting Financials (PCAF) at this time, and clarify their intent to incorporate derivatives emissions if and when methodologies become established.

Read 3-page letter here.