The Canadian Sustainability Standards Board (CSSB) was established to serve the public interest by setting and maintaining high-quality sustainability disclosure standards for Canadian entities and by contributing to the development of high-quality, internationally recognized sustainability disclosure standards.

On June 26, 2023, the International Sustainability Standards Board (ISSB) released its first two IFRS Sustainability Disclosure Standards. IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information lays out the general requirements for disclosing sustainability-related financial information. IFRS S2 Climate-related Disclosures focuses on climate-related disclosures.

The CSSB used IFRS S2 as a baseline to develop the Exposure Draft, “Proposed Canadian Sustainability Disclosure Standard (CSDS) 2, Climate-related Disclosures.

The Board proposes two modifications in accordance with its proposed “Criteria for Modification Framework,” which takes into account the Canadian public interest.

The CSSB acknowledges that concerns have been raised on other provisions within IFRS S1 and IFRS S2. The Board is exploring these concerns further, seeking focused input and insights from interested and affected parties on this Exposure Draft and the Exposure Draft, “Proposed CSDS 1, General Requirements for Disclosure of Sustainability-related Financial Information.” Both documents and the proposed “Proposed Criteria for Modification Framework” are open for public comment concurrently within the same comment period. Although proposed CSDS 1 and proposed CSDS 2 are intended for use by publicly accountable enterprises, other entities are welcome to provide feedback.