Some are disappointed with the new ISSB standards

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Here’s a note from Zsolt Lengyel:

ISSB’s monopolization and distortion of the sustainability and climate crisis landscape continues as they claim that with their inaugural standards’ “for the first time, the Standards create a common language for ๐๐ข๐ฌ๐œ๐ฅ๐จ๐ฌ๐ข๐ง๐  ๐ญ๐ก๐ž ๐ž๐Ÿ๐Ÿ๐ž๐œ๐ญ ๐จ๐Ÿ ๐œ๐ฅ๐ข๐ฆ๐š๐ญ๐ž-๐ซ๐ž๐ฅ๐š๐ญ๐ž๐ ๐ซ๐ข๐ฌ๐ค๐ฌ ๐š๐ง๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐จ๐ง ๐š ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒโ€™๐ฌ ๐ฉ๐ซ๐จ๐ฌ๐ฉ๐ž๐œ๐ญ๐ฌ.”

Let’s note that the IFRS Foundation / International Sustainability Standards Board (ISSB) with its ๐ฌ๐ข๐ง๐ ๐ฅ๐ž ๐ฆ๐š๐ญ๐ž๐ซ๐ข๐š๐ฅ๐ข๐ญ๐ฒ, ๐ข๐ง๐ฏ๐ž๐ฌ๐ญ๐จ๐ซ-๐จ๐ง๐ฅ๐ฒ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ž๐ ๐š๐ฉ๐ฉ๐ซ๐จ๐š๐œ๐ก does and will NOT facilitate any meaningful corporate transition towards sustainability and/or climate neutrality . The ISSB will only provide for complacency and ‘illusion of progress’. Those celebrating the ‘inaugural standards’ better spend 15 minutes with Kevin Anderson advocating bold policy changes, replacing 30 years of rhetoric, optimism and greenwashing with which we haven’t bent the emissions curve (neither prepared for the already baked-in climate change through resilience and adaptation). If you have not listened to him in Glastonbury over the weekend, here he comes on YouTube.

From a future perspective those accepting the ISSB climate disclosure standards as sufficient and progressive will be similar to those appeasing Hitlerโ€™s territorial demands prior to WWII: they will pave the way for climate Armageddon; by applying the same bizarrely shortsighted โ€˜investor onlyโ€™-lens to other planetary boundaries and social minimums they will only accelerate the human predicament.

So what do we need to replace the ISSB? We need “๐‚๐จ๐ง๐ญ๐ž๐ฑ๐ญ-๐๐š๐ฌ๐ž๐ ๐’๐ฎ๐ฌ๐ญ๐š๐ข๐ง๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ (๐‚๐๐’) โ€“ also known as Context-Based Accounting โ€“ is an open-source, multi/triple bottom line, integrated accounting methodology for measuring, managing, assessing and reporting the performance of organizations (and other human social systems) relative to upper and lower limits in, and demands for, vital resources or capitals in the world.”

To get a good grasp of it follow Mark W. McElroy, PhD, Bill Baue, Ralph Thurm and others working on the โ€œSDPI Scorecardโ€, a multi-bottom-line, integrated reporting solution pre-populated with 16 context-based indicators taken from the United Nations Sustainable Development Performance Indicators (SDPI) framework, launched last November by UNRISD. See here for the report, โ€œAuthentic Sustainability Assessmentโ€, released by UNRISD at the same time.