⏱ 1 min 30 read
Background
Created in 2021 by the IFRS Foundation, the ISSB develops international sustainability disclosure standards. They allow companies to report their risks and opportunities in a comparable way, particularly on climate. The IFRS Foundation's accounting standards are applied in more than 140 countries.
The key points
The IFRS Foundation announced on 18 August 2026 that the International Sustainability Standards Board will establish its seat in Geneva. The Geneva office complements the body's existing set-up, according to the Federal Department of Foreign Affairs.
According to GGBa, the decision follows a coordinated effort between federal, cantonal and municipal authorities and the private sector. It places Geneva at the intersection of finance, sustainability and global economic governance.
Key figures
- More than 45 jurisdictions have decided to use the ISSB standards.
- 18 jurisdictions will already apply them by 2027.
- Geneva hosts 42 international organisations, 497 NGOs and 186 represented states.
- 51 new NGOs established in Geneva since January 2025.
What it means for businesses
The ISSB standards are set to become for sustainability what IFRS standards are for financial reporting. According to the Confederation, their adoption should improve risk assessment and capital allocation. It should also help fight greenwashing.
Who says what
For the Confederation, the decision strengthens Switzerland as a centre of expertise in sustainable finance standards. GGBa believes Geneva can apply its expertise to the just transition and sustainable financing in Africa.
What's next
Geneva will also host the World Summit on Artificial Intelligence in 2027, GGBa notes.
