The International Sustainability Standards Board (ISSB) released drafts of its proposed sustainability standards on Thursday, aimed at synchronizing existing sustainability reporting recommendations into one comprehensive, global standard.

The standards build on Task Force for Climate-related Financial Disclosure (TCFD) metrics and the industry-specific requirements of the Sustainability Accounting Standards Board (SASB), covering climate change and sustainability, respectively.

IFRS 1 S1 General Requirements for Disclosure of Sustainability-related Financial Information sets out the core content for a complete set of sustainability-related financial disclosures, including material information on sustainability-related risks and opportunities, a company’s impacts on the planet and people, in addition to related metrics and targets.

IFRS S2 Climate-related Disclosures examines the physical and transitional risks companies may face as a direct result of climate change and how companies can enhance their reporting relating to decarbonization, carbon offsets, and greenhouse gas (GHG) emissions.

“By building on the TCFD’s framework, the ISSB’s climate proposals will create further consistency, comparability, and reliability across climate disclosure so investors can make more informed financial decisions,” said Mary Schapiro, head of the TCFD secretariat, in a press release.

ISSB revealed that it is working closely with other international organizations and jurisdictions to support the inclusion of a global baseline for sustainability requirements into jurisdictional requirements.

The proposed standards are open for public comment until July 29 and ISSB aims to finalize the standards by 2023.