Today the Capitals Coalition announced that it will become the new host of the Digitalizing Sustainability Data project at an event at Chatham House. The Coalition will continue to advance the existing work on this project that took place under the Impact Management Project, which has now united with others to form the International Sustainability Standards Board (ISSB).
The way that digital sustainability data flows between systems and stakeholders today is not fit for purpose. This siloed, complex and inconsistent system for information data flows, is costing the global economy trillions of US dollars each year, and results in less informed decision-making. That, in turn, negatively impacts businesses, economies, communities, the climate and the natural world.
This project brings together, for the first time, all of the major constituents in this space – from regulators, data specialists, standard setters, ratings agencies, technology companies, preparers and users – to design and develop an integrated and interoperable global digital sustainability data flow system.
Together, this leadership group will assist the International Financial Reporting Standards (IFRS) Foundation’s IFRS Taxonomy Consultative Group (ITCG) working with the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) amongst others.
The group will also co-construct a comprehensive global baseline of sustainability-related disclosure standards that provide investors and other capital market participants with information about companies’ sustainability-related risks and opportunities to help them make informed decisions.
The project will support national and international ESG/climate mandates through the creation of an agreed upon standard compliance guidelines for global data comparison using freely available, open-sourced technologies for better decision making to expedite solutions climate change, nature-loss and inequality.
The aim of this project is not to reinvent the wheel, but to drive global collaboration between the key systems and organizations within the current landscape. Together we will ensure that data can flow effectively across the system and that it will supply the information that organizations and stakeholders need to make better informed decisions that deliver value for nature, for people and for their organizations.