important for promoting convergence of approaches, as well as consistency and comparability of firms ’ disclosures across the globe. the issb has been consulting on its two draft standards, respectively on general sustainability - related financial information and on climate - related disclosures. this marks an important milestone in the push towards establishing a common global baseline for jurisdictional requirements. once finalised, it will be important that jurisdictions take early action to adopt, implement or otherwise make use of the standards. some jurisdictions will want to go further than others in their requirements. but interoperability, using a common baseline as developed by the issb, can help avoid harmful fragmentation. this baseline ensures that disclosures can be made on a common basis, enabling users to compare and aggregate exposures across jurisdictions. while these new standards are being finalised and implemented, the fsb continues to encourage jurisdictions that are implementing frameworks to base them on the tcfd. the fsb has also asked the tcfd to continue its work to promote and monitor progress in firms ’ take - up of its recommendations. it will publish a further status report in october. globally consistent and comparable disclosures will enable better financial decisionmaking. such disclosures will also include information on the progress firms are making towards their transition to net zero, and their transition plans to complete the job. this will help all stakeholders to assess the credibility of private sector commitment and action towards addressing climate change. it will, therefore, be important to ensure that these disclosures are reliable. talking about disclosures, i cannot avoid the topic of greenwashing. there is rightful concern over the scope for greenwashing – concern that will need to be addressed. and not just as a question of proper conduct. because widespread greenwashing risks undermining efforts to promote and mobilise sustainable finance. i welcome the work by the international auditing and assurance standards board ( iaasb ) and the international ethics standards board for accountants ( iesba ) to develop baseline global standards for assurance, ethics and independence on sustainability reporting. the international organization of securities commissions ( iosco ), in its turn, has outlined recommendations to promote greater transparency. it has also encouraged all voluntary standard - setting bodies and industry associations operating in financial markets, to promote good practices among their members. this way, it wants to address the risk of greenwashing at the asset management and product levels. all these initiatives will enhance the confidence of users about mainstream, general - purpose

sustainability - related practices, policies, procedures and disclosure in asset management set out areas for regulators and policymakers to take forward in this sector. the fsb has responded in a coherent and coordinated way to the challenge of moving forward on a global level. in our roadmap to address financial risks from climate change, we have covered disclosures, data, surveillance, and regulatory and supervisory policy, and we have brought together the actions of different international bodies into a single plan. today, our lodestar is probably not a celestial body. it is more likely to be a satellite. and with a mere push on a button, this satellite gives you your exact location and thus the way to your destination. unfortunately, there is no gps to navigate climate - related risks. the navigation tools are still being developed. but fortunately, progress is being achieved rapidly – and it is up to us to catch the wind in our sails. the fsb roadmap is an important tool to help us do that. through the roadmap the fsb is providing a forum for discussing cross - sectoral and systemic issues. we are also helping to identify gaps that need to be covered, in some cases by financial market participants and in some cases elsewhere. more broadly, the roadmap sets out where agreement on a coordinated approach has been reached, and where it still needs to be reached, and the pp way to achieve this. like sailing a ship, this needs to be a communal effort. the financial community – and investors in particular – also have a key part to play in achieving an orderly transition. when humans first set out for open sea, calculating one ’ s position had a large margin of error – nevertheless, they set out anyway. and in doing so, those brave early - day explorers mapped out the very planet we call home. today, we know almost every corner of our earthly habitat. and again we are faced with the question : shall we explore unfamiliar terrain and accept a margin of error? shall we accept uncertain outcomes, but, in doing so, help preserve our lives and livelihoods? or shall we wait for the perfect data and run the risk of being too late? i say the choice is obvious. i say, let ’ s not wait on perfection – let ’ s work with what we do know, set course and adjust our sails along the way. thank you.