Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • 2024 P/C Combined Ratio Best in More Than a Decade
  • Judge Backs 17% State Farm Rate Hike in California
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

New G20-Backed Global Rules Aim to Clamp Down on Corporate Greenwashing

By Huw Jones and Simon Jessop | June 26, 2023
Email This Subscribe to Newsletter
  • Article

Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing.

The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials.

It would be up to individual countries to decide whether to require listed companies to apply the standards, ISSB Chair Emmanuel Faber said, adding the standards can be used for annual reports for 2024 onwards.

Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya and South Africa are considering their use, Faber told Reuters.

The standards build on voluntary ones from the G20’s Task Force on Climate-related Financial Disclosures (TCFD).

Britain was the first major economy to make TCFD disclosures by listed companies mandatory.

“We are committed to including reporting against UK endorsed versions of the IFRS sustainability disclosure standards launched here today,” UK treasury minister Joanna Penn told a launch event for the standards.

The ISSB is part of the independent International Financial Reporting Standards foundation, which also writes accounting rules used in more than 100 countries, while global securities watchdog IOSCO is expected to “endorse” the new standards.

“Endorsement shall be a real game changer for regulators around the world in considering the use of the ISSB framework,” IOSCO Chair Jean-Paul Servais told the launch event.

David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigor to sustainability reporting, more aligned with financial reporting.

Harris said that 42% of the world’s top 4,000 companies do not provide data on Scope 1 and 2 carbon emissions.

“It means capital markets are far less effective because you haven’t got a full picture,” Harris said. Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors.

The European Union finalizes its own disclosure rules next month and it and the ISSB have sought to make each other’s norms “interoperable” to avoid duplication for global companies.

ISSB requires more detailed disclosures from banks on carbon emissions related to individual sectors such as oil and gas.

“We maintain that because banks and banking supervision were really clear that it is needed for them,” Faber said.

The ISSB and EU are set to issue guidance on avoiding duplication in coming months.

(Reporting by Huw Jones; editing by Alexander Smith, Robert Birsel)

Copyright 2025 Reuters. Click for restrictions.

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Space War: Marsh Sues Willis Over Aviation Insurance Hires Soliciting Clients
No NOAA Large-Disaster Data to Hurt Insurers’ Grasp of Secondary Perils, Says AM Best
Central US Severe Weather Outbreak Caused Billions in Damages, AccuWeather Says
Bayer Seeks Roundup Settlement, Explores Monsanto Bankruptcy: Reports

Written By Huw Jones

More From Author

Written By Simon Jessop

More From Author

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Climate Change, climate change disclosure, Climate disclosure, environmental social and governance (ESG) criteria, G20, G20 regulators, greenwashing, International Sustainability Standards Board, Task Force on Climate-Related Financial Disclosures (TCFD)
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
EEOC_SealAustin Bar to Pay $42K Over Pregnancy Discrimination Lawsuit
EU to Propose Removing Business Barriers to Enhance Competitiveness Amid US Tariffs
Former Progressive CEO Renwick, 69, Dies
Hack of Contractor Was at Root of Massive Federal Data Breach
More News Features

Read This Next

  • New G20-Backed Global Rules Aim to Clamp Down on Corporate Greenwashing
  • Cybercrime Up Again
  • Capital One to Pay $425 Million to Settle Claims Over Savings Accounts
  • US House Bill Reintroduced to Rid Federal Insurance Office of Subpoena Power
  • APCIA: Record Shows 'Minimal Complaints' on Hurricane Milton, Helene Claims

Insurance Jobs

  • Senior Business Analyst (Personal Insurance) - Hartford, CT
  • Senior Director, Health & Benefits, Client Service Team - Cleveland, OH
  • Auto Blend Claim Representative II - Charlotte, NC
  • Health & Benefits Associate - Houston, TX
  • SDET/ Senior Automation Engineer - Remote, IL
MyNewMarkets
  • 5 Ways to Prepare for Healthcare Liability Changes in 2025
  • What's Next For Workers' Comp?
  • Soft D&O Market May Come to an End as Risk Complexities Rise
  • Exclusions: Active Assailant Coverage - Oh My!
  • 10 Things to Know About Insuring Boats & Marinas
Claims Journal
  • State Farm Still Wants a 30% Rate Increase in California
  • No NOAA Large-Disaster Data Could Hurt Insurer Grasp of Secondary Perils, Says AM Best
  • Marks & Spencer Says Cyberattack to Cost $403 Million
  • APCIA Says Record Shows 'Minimal Complaints' on Hurricane Milton, Helene Claims
  • Mitchell: Claims Frequency of Battery Electric Vehicles up as Sales Face Tariff Threat
Academy of Insurance education
  • May 22 Commercial Property: Five Bombs and How to Defuse Them
  • June 5 E&O and Hard Markets: How Trying to Keep a Client Might Cause Trouble
  • June 12 Rating AI Tools: Balancing Functionality and Security
  • June 19 Can You Hear Me? Yes, I Am Listening!

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map