The relief will enable companies to focus initial efforts on ensuring they meet investor information needs around climate change.

At a board meeting on 4 April, the ISSB agreed that companies will be able to prioritise putting in place reporting practices and structures to provide high quality, decision useful information about climate-related risks and opportunities in the first year of reporting using the ISSB standards, S1 (general requirements) and S2 (climate).

Companies will then need to provide full reporting on sustainability-related risks and opportunities, beyond climate, from the second year.