Coordinating Center at the House of Finance to strengthen interdisciplinary academic network of the ISSB Frankfurt office

The idea of building an interdisciplinary academic network around the ISSB office in Frankfurt, drawing on the know-how of sustainability-related academic institutions in the Rhine-Main region and beyond, was formed when the International Sustainability Standards Board (ISSB), part of the non-profit IFRS Foundation, was set up in Germany's leading financial center in 2023.

A memorandum of understanding to this end was signed between Goethe University Frankfurt, its associated partners and the IFRS Foundation (ISSB) on 24 April 2024. The participating partners - which include the profile area Sustainability & Biodiversity and the Department Economics & Business of Goethe University, the research institutions Leibniz-Institute for Financial Research SAFE, Senckenberg Society for Nature Research, Institute for Social-Ecological Research ISOE and Helmholtz-Centre for Environmental Research UfZ as well as the Accounting Standards Committee of Germany (ASCG) - agreed to set up an “academic network and ecosystem” that covers sustainability standard setting and reporting. Under the MoU, the House of Finance was designated as the coordinator for the further development and activities of the network.

The Competence and Transfer Center (CTC) ‘Sustainable Finance and Regulation’, which coordinates the network’s activities, is funded by the state of Hesse and has begun its work at Goethe University’s House of Finance. It is chaired by Prof. Dr. Rainer Klump, Executive Director of the House of Finance. 

On September 19, the Steering Committee met for the first time to discuss current and planned activities related to biodiversity reporting. Biodiversity is one of the focal points currently being prioritised in the definition of further ISSB standards. 

The CTC provides a platform for the exchange on the fundamentals and impact of sustainability reporting in natural and social sciences. Academics, regulators and practioners are encouraged to contribute theoretical and empirical knowledge as well as practical experience of sustainability standards and reporting. The CTC plans to organize regular workshops and set up a newsletter to disseminate relevant interdisciplinary research among the network partners.

The next workshop is due to take place between 10.00 am-12.30 pm on December 3, 2024 at the Leibniz Institute for Financial Research SAFE in the House of Finance. It will focus on various aspects of biodiversity metrics and the corresponding data requirements of sustainability reporting.