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Proposed S1 and S2 Sustainability Standards: ISSB Seeks Feedback Before 2024 Rollout

May 29, 2023 by Joe Panettieri

Keep an eye on the International Sustainability Standards Board (ISSB) -- which is developing proposed sustainability standards known as S1 and S2.

In short:

  • S1 explores a company's ability to sustainably maintain resources and relationships, manage dependencies and impacts within its whole business ecosystem over short-, medium-, and long-term timeframes.
  • S2 will address corporate disclosure about climate within the context of the company's value creation.

The proposed S1 and S2 standards are open for comments until August 9, 2023, and are scheduled to go into effect in January 2024, the ISSB said.

The S1 and S2 standards will build on the current SASB Standards that are now maintained within ISSB. Roughly 2,700 companies in 70-plus jurisdictions leverage voluntary SASB standards for their reporting as of May 2023, according to the ISSB. Key adopters include 72% of the S&P Global 1200 Index.

Meanwhile, thousands of companies worldwide are waiting on the SEC to potentially formalize climate disclosure rules related to Scope 1, Scope 2 and Scope 3 emissions. Pundits expect official SEC guidance to likely arrive sometime in 2023.

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