In line with the ambitions of the European Green Deal, the letter encourages the European Commission to promote a global baseline set of sustainability standards to enhance decision-making, trust, and accountability. The signatories recognise that sustainability needs to be integrated into accounting and reporting systems, and that there is currently a profusion of reporting frameworks and standards that do not enable consistent and comparable disclosures.

The letter further encourages the European Commission to support the establishment of the International Sustainability Standards Board by the International Financial Reporting Standards Foundation and to promote cooperation between the future European sustainability standard-setting body, EFRAG, and relevant international initiatives.

Benedikt Sobotka, CEO of ERG, said: “This letter is an important step in encouraging relevant authorities to act on the cross-industry desire to achieve globally accepted ESG standards. ERG is pleased to be one of 57 leading organisations to set out our vision for improving the consistency, comparability and reliability of sustainability reporting.

“Our commitment to establishing global ESG reporting standards forms part of our broader commitment to help ensure a sustainable future. This includes our support for the HRH The Prince of Wales’s Terra Carta initiative and our active role in advancing the GBA’s Battery Passport, which will help raise ESG standards, transparency and accountability in the global battery sector.”

The letter has been released with the support and coordination of the European Round Table for Industry, the Value Balancing Alliance, the World Business Council for Sustainable Development and the World Economic Forum. It forms part of the Forum’s COP26 Live programme, aimed at showcasing the crucial role of public-private
cooperation in achieving a sustainable future for people, prosperity, and the planet.

Read more in the World Economic Forum’s press release and see the whole list of signatories here.