The Cyprus Standards Organisation (CYS), as the National Standardisation Body in Cyprus, informs you that it has been placed under public judgement, the draft of the International Standard ISO[/B] 32210 under preparation "SustainableFinance – PrinciplesandGuidance". The last date to submit comments to CYS regarding the below draft standard is 07/04/2022.
Any comments, please document them on the online Comment Submission Form and send them to n.giorgalla@cys.org.cy.
In addition, interested parties may obtain a draft of the standard from the Cyprus Standards Organisation (Information & Service Centre - K.P.E.) by contacting by telephone 22-411413/4, fax 22-411433 or by email: c.service@cys.org.cy.
With regard to the draft, we provide the following relevant information for your information:
International Standard for Financial Institutions
The draft International Organization for Standardization presents how key sustainability parameters, including environmental, social and governance-related (ESG) factors, can be integrated at the organizational level into core business strategy and core business activities to enable improved sustainability outcomes and impacts. It is designed to complement and be implemented in parallel with other initiatives and requirements, such as the UN Sustainable Development Goals.
Principles and guidelines for the process
The standard is based on the application of principles and processes within a general framework. The application of the principles and guidance provided in the standard will support the adaptation or enhancement of existing processes so that the integration of sustainability is more effective, efficient and consistent. Successful sustainability integration is supported by the commitment and cooperation of many internal and external stakeholders, including, but not limited to, those responsible for. [*]Understanding and monitoring risk. [*]Developing new products and services. [*]Ensuring compliance with legislation. [*]The approval of investments/allocation of funds. [*]Monitoring investment portfolios. [/LIST]
The standard is designed to enable organisations to apply the principles and guidance to the extent applicable, given the scale, activities, geographical presence and ambitions of the organisation. Organisations at different stages of sustainability integration can apply all or parts of the principles and guidance, depending on their existing assets and degree of operational capacity. The standard is designed to promote transparency so that an organization's stakeholders can review its progress and performance.
Sustainable Financing Principles
The Sustainable Financing Principles are the key elements of the standard. The principles aim to support organisations in aligning their business strategy and operations with sustainability objectives that are important to the organisation and its stakeholders.
About ISO
The ISO is an independent, non-governmental international organization. Through its members, it brings together experts to share knowledge and develop voluntary, consensus-based, market-relevant international standards that support innovation and provide solutions to global challenges.
About ISO/TC 322: Sustainable Finance
ISO/TC 322 is the international technical committee responsible for developing standards on sustainable finance. It aims to integrate sustainability issues, including environmental, social and corporate governance (ESG) aspects into all aspects of financing economic activities.
About CYS
The Cyprus Organization for Standardization (CYS) is the National Standards Body of Cyprus. It represents the economic and social interests of Cyprus in all European and international standardisation organisations. It works with different sectors, businesses, governmental organisations and consumers to develop Cyprus, European and International standards.
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