Briefing Paper: A Comparative Analysis of Climate Disclosure Rules and Standards

Year Published

2024

Contributing Organizations

Principles for Responsible Investment (PRI)

Type of Resource

Research/Insights Report

Languages

English

Relevant Topics

Core Topic

Disclosure Standards

Topic 2

Regulations

Topic 3

Climate Policy & Policy Engagement

Target Audience

Asset Owners

Asset Managers

Governments & Policymakers

Relevant Geography

Global

Middle East and North Africa

Europe

North America

Resource Description

This resource compares climate disclosure rules from the US SEC, ISSB (IFRS S1 and S2), and the EU’s ESRS under the CSRD, outlining similarities, differences, and implications for investors and companies.

Why This Matters

Clarity on differences among SEC, ISSB, and ESRS helps investors and corporates manage compliance, avoid fragmentation, and align with decision-useful climate data.

Key Insights

All use TCFD pillars: governance, strategy, risk management, metrics/targets
Materiality: SEC applies financial materiality; ISSB focuses on investor-relevant risks; ESRS adopts double materiality (financial + impact)
Assurance: SEC and CSRD require assurance (Scope 1–2 or broader); ISSB has none
Industry specifics: ISSB requires sector metrics (SASB-based); ESRS will add sector standards; SEC has none
SEC rules contain gaps and additions; ISSB is closely aligned with IFRS S2; ESRS adds extensive requirements, including EU taxonomy alignment

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