Green and Sustainable Finance Cluster Germany in supporting role
Montréal, June 22, 2023 – Ahead of the International Sustainability Standards Board’s (ISSB) issuing of its first two international standards for sustainability-related disclosures in the week of June 26, 2023, Mr. Jacques Deforges, Chief Executive Officer of Finance Montréal, and Mr. Hubertus Väth, Managing Director of Frankfurt Main Finance, have signed a memorandum of understanding (MoU). Its aim is to advance capacity development related to the ISSB’s global baseline of sustainability-related disclosures. The signing took place in the presence of ISSB Vice-Chair, Mr. Jingdong Hua.
This statement of intent sets out the collaboration between Finance Montréal and Frankfurt Main Finance, the financial clusters that represent the financial ecosystems of the IFRS Foundation’s two ISSB host cities. Both clusters will develop awareness, training and networking opportunities related to the new international sustainability disclosure standards. Their collaboration aims at helping local members of their financial ecosystems understand the new standards, and provide them with the tools to better integrate them into their reporting.
The collaboration between the two organizations will help develop capacity through various activities such as webinars, conferences and thought leadership articles. The specific focus areas will include climate change and – pending public consultation of the ISSB’s agenda priorities for its next two-year work plan – biodiversity and human capital. Expertise, contents and learnings will be exchanged, so as to benefit the Montréal and Frankfurt financial ecosystems, both home of the ISSB’s offices.
The MoU came into effect at time of signing.
About Finance Montréal
Established in 2010, Finance Montréal, the financial cluster of Quebec, is at the heart of the development and promotion of Quebec’s financial services industry and its positioning as a global business hub that is growing, competitive, attractive, and innovative. With its International Financial Center (CFI) team, Finance Montréal works to attract foreign financial companies to Montreal. The organization also focuses on fintech and innovation, sustainable finance, and talent development. As a hub for the financial community, Finance Montréal mobilizes its stakeholders around these areas, including the community built around the Montréal FinTech Station that it administers. To learn more about Finance Montréal, visit www.finance-montreal.com/en or our LinkedIn page.
About Frankfurt Main Finance
Since 2008, Frankfurt Main Finance has been the financial centre initiative of the leading financial centre in Germany and the euro zone. Its more than 75 members include the State of Hesse, the cities of Frankfurt and Eschborn, numerous well-known financial market players and their service providers as well as private and public universities. Frankfurt Main Finance offers its members a platform for contacts in the world of finance and politics to realise ideas in the financial centre with partners, to initiate business with other financial centres for high quality events on topical issues, to support effective and sustainable public relations, and to effectively promote Frankfurt as a financial centre. To learn more about Frankfurt Main Finance, visit https://frankfurt-main-finance.com/en/ or our Linkedin Page.
About International Sustainability Standards Board (ISSB)
The IFRS Foundation is a not-for-profit organisation created to serve the public interest by developing globally accepted financial reporting standards that meet investors and other capital market participants’ need for reliable, transparent and comparable information to make economic decisions.
Our standards―IFRS Accounting Standards and IFRS Sustainability Disclosure Standards—are developed by the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The boards are overseen by the IFRS Foundation Trustees, who in turn are accountable to the IFRS Foundation Monitoring Board of public authorities with responsibility for corporate reporting. Our governance arrangements are set out in our Constitution.
IFRS Accounting Standards, set by the IASB, are required in more than 140 jurisdictions.
For detailed information about our organisation, visit ifrs.org
About the Green and Sustainable Finance Cluster Germany (GSFCG):
As a central hub for sustainable finance in Germany, the GSFCG has been working together with its members and sponsors since 2018 on the implementation and realisation of sustainable financial market structures. Based in Frankfurt, the cluster focuses on activities in the German financial sector while also engaging and cooperating with relevant national and international stakeholders from the financial industry, real economy, politics and regulatory authorities as well as academia and civil society. More about the Cluster: https://gsfc-germany.com/en/
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Dr. Ralf Witzler
Head of Communications