Sustainable Finance: ISSB to settle in the FrankfurtRhineMain region

The decision has been taken: the International Sustainability Standards Board (ISSB) will settle in the FrankfurtRhineMain region, meaning that a heavyweight in sustainable finance could be won for the region. The selection process went on until late October, with an imposing number of supporters for our region. Sustainability is establishing itself as a new currency in global finance. Standardised reporting on sustainable efforts by businesses and the attributes of their products will be crucial to success in international markets going forward.

 

"Eschborn's profile as an economic hub is characterised by the finance, consultancy and IT industry", says Adnan Shaikh, Mayor of Eschborn. "A focus on sustainable finance is becoming increasingly important for international competitors in these industries. Settling ISSB here will be highly beneficial not only for Eschborn, but for the whole region."

 

Sustainability requires unified standards

What exactly is going on? The International Sustainability Standards Board is a new body currently being established for the purpose of standardising sustainability reporting. Sustainability Reporting is gaining in significance at an astonishing speed, making it all the more important to develop globally accepted, common minimum standards so that all stakeholders can benefit equally.

The IFRS Foundation, a privately managed non-profit organisation, was looking for  locations around the world as a suitable base for the planned Board. The foundation intends to develop its present commitment to standardisation in international financial reporting by establishing the ISSB.

 

Support from 185 enterprises and organisations

The winning argument put forward by the Frankfurt Main Finance (FMF) e.V lobby group was that the Frankfurt finance hub, of which Eschborn is part, is the most important business location for the finance industry in continental Europe and the ideal location for the ISSB. The City of Eschborn has been a member of Frankfurt Main Finance since 2013 to ensure strong representation of the interests of the many international players based here.

 

In addition to the German government and the Hesse state government, around 185 businesses and organisations supported the candidacy for the ISSB settlement in the FrankfurtRhineMain region. This public and well-funded positioning was certainly helpful, especially as it also included substantial start-up funding for the settlement of ISSB. Canada, Japan and Switzerland had also announced their interest in offering a suitable base for the new ISSB, but it was Frankfurt as an international finance hub and the surrounding region that won the bid.

 

Further Information.