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The ISSB is significantly expanding its “global passport” framework initiative, aimed at ensuring its disclosure standards, IFRS S1 and IFRS S2, become a widely accepted global baseline, thereby reducing regulatory fragmentation and helping companies report once for multiple jurisdictions. Nearly 40 jurisdictions are now participating in the expanded Jurisdictional Adopters Working Group, which brings together regulators working to embed the ISSB standards into domestic frameworks, covering around 40% of global capital markets.
Under the passporting concept, a company that prepares its sustainability disclosures under ISSB standards could have those reports accepted by other jurisdictions without having to refile under multiple national frameworks. The idea is to streamline compliance, cut duplication, and lower costs for multinational companies while preserving comparability and investor usefulness of the data. At the same time, flexibility is built in so that local adjustments or “jurisdictional carve-ins” may still occur, provided the core principles of governance, strategy, risk management, and metrics/targets are aligned.
The expansion comes amid concerns that inconsistent adoption, such as differences in timing, scope, reliefs, and local twists, could undermine the value of the ISSB baseline. In Singapore, for example, listed companies saw adjustments to their timeline: the largest firms must report Scope 1 and 2 emissions from FY2025 and Scope 3 from FY2026, but smaller companies gained relief until FY2030. This illustrates the balancing act between ambition and market capability.
For businesses, the message is clear: adoption of ISSB standards is gaining rapid traction globally, and companies preparing for cross-border reporting should view the standards not just as regulatory compliance but as strategic alignment. Investors increasingly expect consistent, comparable sustainability-related disclosures; the ISSB’s birthplace as a global baseline positions it to satisfy that market demand.
In short, the rollout of the ISSB’s expanded passporting hub signals a pivotal moment in corporate-sustainability reporting: moving toward a unified international language for ESG disclosures, rather than a patchwork of local rules. Companies, capital markets, and regulators alike must prepare for the shift from multiple frameworks to one interoperable ecosystem.
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