As per Reuters, the chairman of the International Sustainability Standards Board (ISSB) said that individual countries must decide if they want to require listed companies to comply with the standards. Additionally, he said that the reporting standards are to apply starting 2024.

Canada, Japan and Great Britain are some of the states that consider implementing these standards.

The ISSB is under the umbrella of the independent International Financial Reporting Standards foundation, whose experts write accounting rules for over 100 nations around the world, but the new standards are to be endorsed by the International Organization of Securities Commissions (IOSCO).

IOSCO Chair Jean-Paul Servais said that "endorsement shall be a real game changer for regulators around the world in considering the use of the ISSB framework."

David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, stated that the new rules could improve the current state of sustainability reported, bringing it together with financial reporting. As per himself, 42% of the world's first 4.000 companies don't provide data regarding Scope 1 and 2 emissions.

Meanwhile, in the European Union, authorities work on their own disclosing rules and ISSB officials stated that the two organizations will make sure that no rule will duplicate within the separate standards, which will be interoperable.