Corporate reporting on sustainability aspects is becoming increasingly important and requires internationally accepted reporting standards. The ISSB will develop consistent guidelines that can be used by investors worldwide.
Frankfurt will not only be the seat of the Board but will also host the office of the chair. Further key functions of ISSB will be located in Montréal, Canada. An additional office will be set up in the Asia-Pacific region in order to enable regional stakeholders to engage with the new institution.
Frankfurt’s application found broad public support from politics, the financial sector, industry, civil society and science. Today’s decision is a great success for Frankfurt as a leading international financial center and it strengthens Hessen’s position as a major hub for the development of sustainable solutions.
Tarek Al-Wazir, Hessian Minister of Economic Affairs, stated: “Today, the financial centre Frankfurt took another big step on its way to becoming a leading sustainable finance centre. The new ISSB will further strengthen Frankfurt’s international role. Ambitious sustainability standards for companies are essential to redirecting capital flows in a way that they are fit for the future – away from climate-damaging business practices and towards sustainable ones. The state government of Hessen has been working for years to strengthen sustainable finance in Frankfurt and sees its strategy confirmed by today’s decision.”
Rainer Waldschmidt, CEO of HTAI comments: “As Hessen Trade & Invest, we are happy to welcome the ISSB in Frankfurt, Continental Europe’s most important financial center, according to the latest Global Financial Centres Index (GFCI) ranking.”
Learn more about Germany’s traditional financial capital: Financial Sector / Invest in Hessen (invest-in-hessen.com)