WSSO to Develop New Assurance Standards for Sustainable Development Information Disclosure

The World Sustainable Standards Organization (WSSO) recently announced its initiative to develop a new set of assurance standards for sustainable development information disclosure. These standards aim to enhance the transparency, accuracy, and credibility of global corporate sustainability reports, providing companies with a robust third-party assurance framework to meet increasingly stringent environmental, social, and governance (ESG) disclosure requirements.

The new WSSO standards are grounded in four core principles: accuracy, completeness, transparency, and independence. These principles ensure that all ESG data subject to assurance is rigorously verified to prevent misleading information; that reports are comprehensive, covering key performance indicators (KPIs) in environmental, social, and governance aspects; that the assurance process is fair and credible, with detailed descriptions of data sources, calculation methods, and key assumptions; and that assurance providers maintain objectivity, free from internal or external influences.

Additionally, the WSSO standards will offer industry-specific assurance guidance to address the unique needs of different sectors, ensuring that report contents align with both industry standards and regulatory requirements. The WSSO will also actively promote technological innovation, encouraging the use of emerging technologies such as blockchain and IoT for data verification and tracking, thereby enhancing the traceability and real-time accuracy of reported information.

Through this new set of assurance standards, the WSSO is committed to promoting the standardization and comparability of global sustainability reports. These standards will not only improve the quality of corporate disclosures but also strengthen trust among businesses, investors, regulators, and the public. Additionally, they will provide a valuable benchmark for financial institutions, research organizations, and companies, facilitating financial decision-making, academic research, and industry benchmarking.

The WSSO plans to release a draft of the standards in early 2025 for public and industry stakeholder consultation, with the final version expected by the end of 2025. Throughout this period, the WSSO will continue to collaborate closely with all parties to ensure that the standards meet the needs of the global sustainable development field.