Background and objectives of the session
There is today no international harmonisation of ESG (Environment, Social, Governance) standards, even on climate despite the Paris Accord. This makes the life of financial and non-financial firms difficult and creates confusion which can lead to greenwashing.
The European Union has started to develop an ambitious regulatory framework which will improve transparency.
The recent creation of the International Sustainable Standards Board is also the opportunity to make progress towards harmonisation even if ESG standards are today significantly different between the United States and the European Union.
This session will therefore assess the challenges faced today to build a minimum consistency of ESG standards globally, discuss the possible ways to achieve a minimum level of harmonization and to have a consistent enforcement of international standards at the global level.
Questions to be addressed during the session
- What are the difficulties faced by domestic or international financial institutions resulting from the differences between ESG reporting frameworks? What are the challenges faced to build minimum consistency globally ?
- What would be the recipe for achieving a sufficient and realistic convergence of ESG reporting standards at the global level ? How to enforce global guidelines and principles and check their equivalence ?