Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UN, other agencies aim to standardise measurement of environmental impacts

Published 11/17/2021, 02:28 AM
Updated 11/17/2021, 02:31 AM
© Reuters. FILE PHOTO: Outside view of the Organization for Economic Co-operation and Development, (OECD) headquarters in Paris September 3, 2009.  REUTERS/Charles Platiau/File Photo

By Brenna Hughes Neghaiwi

ZURICH (Reuters) - Major multilateral organisations will launch a new initiative next week aimed at developing a system of standards for companies, investors and financial institutions to measure their impact on global sustainability.

The new Impact Management Platform is founded by organisations including four U.N. agencies, the Organisation for Economic Co-operation and Development (OECD) and the World Bank.

Regulators and multilateral agencies are looking at ways to replace a patchwork of voluntary social and environmental disclosure rules, aiming to tackle "greenwashing" by organisations eager to present themselves as ethical.

IOSCO, the global umbrella body for securities regulators, has helped set up the International Sustainability Standards Board (ISSB), which was unveiled at the U.N.'s COP26 global climate summit in Scotland earlier this month.

The founders of the Impact Management Platform said they aimed to go beyond a risks and returns model, in which organisations determine and disclose information that could affect near-term financial performance, and take a broader view of how their activities affect society and the planet.

© Reuters. FILE PHOTO: Outside view of the Organization for Economic Co-operation and Development, (OECD) headquarters in Paris September 3, 2009.  REUTERS/Charles Platiau/File Photo

"Increasingly, investors and other actors in the financial system and corporates are going to be expected to be able to have a better understanding of the impact they have on their customers and through their financing," Eric Usher, head of the U.N. Environment Programme's Finance Initiative, told Reuters.

"It includes looking at the whole process of how to improve impacts, (not just) disclosure," Romina Boarini, Director of the OECD's Centre on Well-being, Inclusion, Sustainability and Equal Opportunity, added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.