60 organizations release open letter for EU to act on ESG

A coalition of 60 organizations, representing over EUR 8.5 trillion in assets, calls on the European Union to promote globally consistent ESG reporting standards. The signatories advocate for a 'building block approach' where the International Sustainability Standards Board (ISSB) provides a global baseline, upon which regional bodies like EFRAG can build supplementary standards. They argue that the current profusion of reporting frameworks hinders the ability of capital markets to channel investments toward sustainable businesses.

• The signatories argue that the current lack of standardized ESG data creates a 'profusion of reporting frameworks and standards' that prevent consistent and comparable disclosures, which in turn hampers the restructuring of the global financial system toward long-term value creation and resilience.
• The organizations strongly support the IFRS Foundation's creation of the International Sustainability Standards Board (ISSB) to develop globally accepted sustainability reporting standards, suggesting that the historical standardization of financial accounting serves as a 'blueprint for success'.
• The letter endorses a 'building block approach' recommended by IOSCO and the IFRS Foundation, which establishes a globally-consistent foundation of standards that national and regional setters can supplement to meet specific jurisdictional needs.
• While supporting the European Commission's Corporate Sustainability Reporting Directive (CSRD) and the development of European sustainability reporting standards via EFRAG, the signatories urge the EU to ensure a robust, inclusive due process and to promote urgent cooperation between EFRAG and the ISSB.

APA

World Economic Forum (2021). 60 organizations release open letter for EU to act on ESG. https://www.weforum.org/stories/climate-action/57-organizations-release-open-letter-for-eu-to-act-on-esg/

Chicago

World Economic Forum. 60 organizations release open letter for EU to act on ESG. 2021. https://www.weforum.org/stories/climate-action/57-organizations-release-open-letter-for-eu-to-act-on-esg/.

Wikipedia

{{cite press release |author=World Economic Forum |title=60 organizations release open letter for EU to act on ESG |date=25 October 2021 |url=https://www.weforum.org/stories/climate-action/57-organizations-release-open-letter-for-eu-to-act-on-esg/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{worldeconomicforum2021organizations, author = {{World Economic Forum}}, title = {{60 organizations release open letter for EU to act on ESG}}, publisher = {World Economic Forum}, year = {2021}, month = oct, url = {https://www.weforum.org/stories/climate-action/57-organizations-release-open-letter-for-eu-to-act-on-esg/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }