ISO officially released ISO IWA 48:2024, Framework for implementing environmental, social and governance (ESG) principles, on November 14 during the COP29, the UN Climate Change Conference in Baku, Azerbaijan.

ESG is a strategic and operational framework that aims to assist organizations,of any size and type,to implement and report their activities, products, services and commitment to support the achievements of sustainable development, social justice and good governance. Adopting ESG brings a clearer focus on an organization’s impacts on the environment and society, including contribution to the delivery of the UN Sustainable Development Goals (SDGs), as well as evaluating the impacts of the environment and society on the organization.

ISO IWA 48:2024 delineates the ESG performance management,measurement and reporting of organizations under existing disclosure frameworks, and stipulates a globally unified coordinated method for ESG compliance. It helps organizations better understand ESG and address challenges, comply with disclosure requirements, as well as accurately manage and report their activities. In this case, it can achieve the worldwide consistency, comparability and reliability of ESG reporting and practice, enabling clear global communication of work on sustainable development.

During the development stage, China National Institute of Standardization (CNIS) gathered more than 40 experts in different fields to join the Chinese expert group, which put forward suggestions on the drafting of the document, sharing China’s achievements and experience in the field of ESG standards.CNIS will further learn from the ISO IWA 48:2024,actively promote the development of basic and general standards, and innovative practice standards in the ESG field, and contribute to improving the ESG standards system that is internationally compatible and suitable for national conditions.