The REP Wrap: FRC issues sustainability assurance standards

Your weekly summary of corporate sustainability news.

The UK’s Financial Reporting Council has published a set of sustainability assurance standards based on those developed by the International Auditing and Assurance Standards Board.  

The European Central Bank has issued its first fine for non-compliance with its climate risk rules. Spain’s Abanca will pay nearly €200,000 for an alleged failure to publish a materiality assessment for climate and environmental risks. 

The International Organisation for Standardisation, better known as ISO, and the GHG Protocol have outlined their approach to accelerating the harmonisation of global emissions accounting standards. The plan, unveiled at COP30, assesses the various levers needed to drive convergence. 

Philips has had its climate targets validated by the Science Based Targets initiative. The Dutch firm, which claims to have been carbon neutral in its own operations since 2020, has set itself the goal of being net zero across its value chain by 2045.  

The Taskforce on Nature-related Financial Disclosures and the Global Reporting Initiative are among those teaming up to develop a protocol for measuring nature. The group, which also includes the World Business Council on Sustainable Development and the World Resources Institute, plans to develop standardised methodologies and tools, linking “site-level data to national and global goals and bridge nature, carbon and financial accounting standards”.