Support by G7 Finance Ministers for mandatory climate- related financial disclosures
11 June 2021
The Finance Ministers and Central Bank Governors of the G7 met virtually on 28 May 2021, and Finance Ministers met on 4-5 June 2021. The Finance Ministers were joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, and Financial Stability Board (FSB).
In the final communiqué of the meeting, the finance ministers have expressed support for mandatory climate-related financial disclosures that provide consistent and decision-useful information for market participants and that are based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, in line with domestic regulatory frameworks. They have welcomed the IFRS Foundation’s programme to develop the baseline standards from the TCFD framework and the work of sustainability standard-setters. They have encouraged further consultation on a final proposal leading to the establishment of an International Sustainability Standards Board ahead of COP26.
In response to the communiqué, IFRS Foundation has welcomed the support from G7 Finance Ministers.
The communiqué may be accessed here and the response from IFRS Foundation may be accessed here.