The Energy & Environment Alliance (EEA) today announced that it has joined the IFRS Sustainability Alliance. It joins a community of experts working on a global foundation for sustainability disclosures to meet the needs of capital markets in all industries around the world, including the hotel industry.
Sustainability-related disclosure standards developed by the International Sustainability Standards Board (ISSB), which operates under the supervision of the IFRS Foundation, are intended to be adopted by jurisdictions around the world. They impact all participants in capital markets, from regulators to investors.
The International Organization of Securities Commissions (IOSCO), the international body that brings together the world’s securities regulators and is considered the global standard setter for the securities sector, has officially endorsed the new IFRS standards for sustainability and climate-related disclosure, finding them appropriate , to serve as a global framework for capital markets to develop the use of sustainability-related financial information.
With its endorsement, IOSCO called on 130 global securities regulators, which together regulate more than 95% of global financial markets, to integrate the new standards into their regulatory frameworks.
Many governments are considering adopting the standards, including Australia, Brazil, Hong Kong, Japan, Singapore, South Africa and the United Kingdom. The European Commission responded by emphasizing a high level of interoperability in climate-related disclosures; It states: ESRS on climate change will report broadly the same information as companies that will use the ISSB standard for climate-related disclosures.
As the global economy and financial markets adopt mandatory sustainability and climate disclosures, access to capital will increasingly be determined by a company’s ESG credentials. As a result, we must ensure that global reporting standards are consistent, comparable and useful for hospitality investors and asset managers. In the future, many of the current sustainability ratings and green certification programs will no longer be sufficient to unlock capital. Audit-level ESG reporting will become the norm. By joining the IFRS Sustainability Alliance, the EUA is able to help shape the development of industry-specific standards and provide hotel industry executives with current and meaningful knowledge. Ufi Ibrahim, CEO of EUA The IFRS Foundation recognizes the EUA’s commitment and support to our mission by joining the IFRS Sustainability Alliance. Alliance members believe that building a global sustainability disclosure base for capital markets, developed by the Foundation’s International Sustainability Standards Board, is of great importance in enabling investors to incorporate sustainability-related risks and opportunities into their decisions to include. We look forward to working together. Rebecca Bar, Director of Membership at the IFRS Foundation
About the IFRS Sustainability Alliance
The IFRS Sustainability Alliance is a global membership program for sustainability standards, integrated reporting and integrated thinking. The alliance offers curated insights and educational programs as well as peer-to-peer networking.
Alliance members vary in size and scope and believe that building a global sustainability disclosure base can meet the needs of the capital market.
About the Energy & Environment Alliance (EEA)
Energy & Environment Alliance (EEA) is the global coalition of investors, developers, operators and asset managers from the hospitality and accommodation industry. We work to transition hospitality businesses to net zero carbon (NZC) and environmental, social and governance (ESG) leadership in a timely, science-based and commercially sustainable manner. We represent the industry to policymakers and international institutions and proactively provide information on regulation, global standards, ESG reporting and benchmarking.
We conduct ESG research and development for the industry with renowned experts. We offer knowledge sharing, training and educational services. We provide our members with insights, objective advice, strategic guidance and tools to mitigate risk, drive value creation and maximize business prospects.
Our findings are developed with input from leading experts and industry participants in the EEA’s nine active work areas:
- Technically
- Legal and regulatory compliance
- Social
- Capital markets
- Financial and non-financial reporting
- ESG leadership training
- Circularity
- Reliable data and benchmarking
- Advocacy
www.eea.international
Anja Spice
Energy & Environment Alliance Ltd
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