UK bids to host global sustainability body

The location of the new International Sustainability Standards Board (ISSB) is turning into an international contest, as business centres across the globe vie to host the body.

A letter from leading groups representing the sector, including firms such as BDO, Deloitte, EY, Grant Thornton UK, KPMG and PricewaterhouseCoopers UK, and organisations including the 100 Group, The City of London Corporation, TheCityUK, The Investment Association, and UN Global Compact Network UK has been sent to the IFRS Foundation setting out the ‘compelling’ reasons for the UK hosting the proposed new Board.

The establishment of the ISSB is expected to be announced by the IFRS Foundation ahead of the 26 UN Climate Change Conference of the Parties (COP26), due to be held in Glasgow in October and November.

The letter also outlines how governance standards generally in the UK are high, with its professional services firms recognised for their quality, openness, international outlook and culture of collaboration. The largest and most diverse cluster of firms across all the major financial and professional services industry sub-sectors is based in London, supported by strong regional centres of excellence across the country and a world-class academic sector.

“The UK is a world leader in sustainable finance, reinforced by the Presidency of COP26, with a well-developed ecosystem featuring international participants, high levels of specialist skill, knowledge and experience, scale and depth of capital and strong political engagement,” said ICAEW’s chief executive Michael Izza who collated the letter.

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