The global banking regulator urged the International Sustainability Standards Board (ISSB) to focus on developing its global baseline standard as quickly as possible.

FSB stressed the need for the timely issuance of a final global baseline climate reporting standard, ready for adoption across jurisdictions.

It urged regulators to promote consistent approaches to climate risks across sectors and jurisdictions.

The FSB said: ‘The timely issuance of a final global baseline climate reporting standard ready for adoption across jurisdictions is critical to provide decision-useful information to investors and other stakeholders on climate-related risks and opportunities.’

It stressed that interoperability between the common global baseline and national and regional jurisdiction specific requirements is essential.