IEMA provides input on draft ISO sustainable finance standard
In February 2019, the International Organization for Standardization (ISO) Technical Committee (TC) 322 on Sustainable Finance was formed.
ISO 32210 Framework for sustainable finance aims to encourage innovative sustainable financial products and initiatives while providing guidance on sustainability principles, practices and terminology. Through its liaison status to TC322, IEMA continues to engage in the review of this standard. To help inform IEMA comments on its second committee draft, IEMA policy and engagement lead Marc Jourdan led a workshop in June with senior members of the IEMA Global Environmental and Social Assessment Group, the IEMA Fellows Working Group on Sustainable Finance, and other members with relevant expertise.
Member insights on the latest draft included the need for wider definitions of ‘sustainability’, along with the need to go beyond environmental considerations and include definitions of social issues such as modern slavery. IEMA also highlighted that the principles laid out in the standard need to more succinctly identify how finance can achieve sustainability goals and objectives.
The draft of the standard will be made available to download at its public consultation phase. In the meantime, IEMA will continue to engage with TC322 during its development. Should members with expertise in this area wish to further engage in the review, please email [email protected]