【国际标准】结论基础：国际财务报告可持续披露准则第1号-可持续相关财务（英）

IFRS

sustainability

March2022

ExposureDraft

IFRS®SustainabilityDisclosureStandard

BasisforConclusionson

[Draft]IFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation

Commentstobereceivedby29July2022

InternationalSustainabilityStandardsBoardED/2022/S1

BasisforConclusionson

ExposureDraft

GeneralRequirementsforDisclosureof

Sustainability-relatedFinancialInformation

Commentstobereceivedby29July2022

ThisBasisforConclusionsaccompaniestheED/2022/S1ExposureDraftGeneralRequirementsforDisclosure

ofSustainability-relatedFinancialInformation(publishedMarch2022;seeseparatebooklet).ItispublishedbytheInternationalSustainabilityStandardsBoard(ISSB)forcommentonly.Commentsneedtobereceivedby29July2022andshouldbesubmittedbyemailto

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ISBNforthispart:978-1-914113-63-5

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BASISFORCONCLUSIONSONGENERALREQUIREMENTSFORDISCLOSUREOFSUSTAINABILITY-RELATEDFINANCIALINFORMATION

CONTENTS

fromparagraph

BASISFORCONCLUSIONSON[DRAFT]

IFRSS1GENERALREQUIREMENTSFORDISCLOSUREOF

SUSTAINABILITY-RELATEDFINANCIALINFORMATION

BACKGROUND

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OVERVIEWOFTHEAPPROACHTAKENINTHEEXPOSUREDRAFT

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Theneedfor[draft]IFRSS1

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TheExposureDraft

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Statusoftheproposals

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RelationshipwithotherIFRSSustainabilityDisclosureStandards

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DueprocessprovisionsapplicabletotheExposureDraft

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SCOPE

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Sustainability-relatedfinancialinformation

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Enterprisevalue

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CORECONTENT

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GENERALFEATURES

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Reportingentity

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Connectedinformation

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Fairpresentation

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Materiality

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Locationofinformation

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Sourcesofestimationandoutcomeuncertaintyanderrors

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Statementofcompliance

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Effectivedateandtransition

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BasisforConclusionson[Draft]IFRSS1

GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation

ThisBasisforConclusionsaccompanies,butisnotpartof,[draft]IFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation.

Background

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InannouncingthecreationoftheInternationalSustainabilityStandardsBoard(ISSB),theTrusteesofIFRSFoundation(Trustees)emphasisedthattheISSBwouldbuildontheworkofinvestor-focusedreportinginitiativestobecometheglobalstandard-setterforsustainabilitydisclosuresforfinancialmarkets,whichwasconsistentwithresponsestotheTrustees’2020consultationonsustainabilityreporting.Acknowledgingrespondents’statementsabouttheurgentneedforsuchstandard-setting,theTrusteessoughttoprovidetheISSBwithasolidfoundationonwhichtostartwork.InMarch2021,theTrusteesrecruitedmembersofsomereportinginitiativestocreatetheTechnicalReadinessWorkingGroup(TRWG),chairedbytheIFRSFoundation(theFoundation),toproviderecommendationstotheISSB.TheTRWGcomprisedrepresentativesfrom:

•theClimateDisclosureStandardsBoard(CDSB);

•theInternationalAccountingStandardsBoard(IASB);

•theTaskForceonClimate-relatedFinancialDisclosures(TCFD);

•theValueReportingFoundation,whichrepresents:

•theSustainabilityAccountingStandardsBoard(SASB);

•theInternationalIntegratedReportingCouncil(IIRC);and

•theWorldEconomicForumanditsMeasuringStakeholderCapitalismInitiative.

TheInternationalOrganizationofSecuritiesCommissions(IOSCO)andtheInternationalPublicSectorAccountingStandardsBoardparticipatedasofficialobservers.

TheExposureDraftbuildsonaprototypedevelopedbytheTRWG,whichinturnevolvedfromworkpublishedinDecember2020byagroupoffivestandard-settersandframework-providersfocusedoncorporatesustainabilityandintegratedreporting.This‘groupoffive’standard-settersandframework-providers—CDP(formerlytheCarbonDisclosureProject),CDSB,theGlobalReportingInitiative,theIIRCandtheSASB—co-authoredapaperillustratinghowtheircomplementaryframeworks,standardsandplatformscouldbeconsolidatedtofocusontheaspectssetoutbytheTCFDtoprovidearunningstartforthedevelopmentofasinglesetofglobalstandardsthatcouldenabledisclosureofhowsustainabilityrisksandopportunitiescreate,preserveorerodeanentity’senterprisevalue.Thegroupoffiveeffortwas,inlargepart,adirectresponsetoanincreasinglyfragmentedapproachtosustainability

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reportingandcallsforthecreationofacoherentandcomprehensivesystemofcorporatedisclosure.1

TheTRWGtookupthegroupoffiveprototypeasitsstartingpoint.FromMarchtoNovember2021,theTRWGrefinedtheprototypethroughtechnicalcollaborationwhichincludedseekinginputfromsomepreparersandinvestors.TheTRWGalsoidentifiedmarketfeedbackandtechnicalissuesthathadyettobeaddressedorthatwarrantedfurtherconsiderationtoenablethesematterstoberaisedwiththeISSB.TheTRWG’srefinementsalsoreflectedinputfromaTechnicalExpertsGroupcreatedbyIOSCOtohelpensurethatastandardbasedontheprototypewouldfacilitatedisclosurethatcouldmeettheneedsofglobalcapitalmarkets.Ahigh-leveloverviewofthelattergroup’sassessmentwaspublishedinJune2021inIOSCO’sReportonSustainability-relatedIssuerDisclosures.

TheTRWG’sworkongeneralrequirementsfordisclosureofsustainability-relatedfinancialinformationresultedinpublicationinNovember2021ofaprototype,GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation(GeneralRequirements),ontheFoundation’swebsite.However,theprototypewasnotsubjecttotheFoundation’sformaldueprocessorthatofanymembersoftheTRWG.

SincethepublicationoftheGeneralRequirementsprototype,theISSBChairandVice-ChairhavesoughttoaddressmattersraisedbytheTRWG.TheExposureDraftismainlybasedontheevolutionoftheGeneralRequirementsprototype;itisunderpinnedbytheworkofstandard-settersandframework-providersthathasbeensubjecttoextensivepublicconsultationandredeliberationandhasachievedsignificantmarketuptake.ProposalsintheExposureDraftthataresubstantivechangesfromtheGeneralRequirementsprototype,ratherthanchangestoimproveclarity,arehighlightedintheBasisforConclusions.

OverviewoftheapproachtakenintheExposureDraft

Theneedfor[draft]IFRSS1

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Theseproposalsweredevelopedinresponsetocallsfromprimaryusersofgeneralpurposefinancialreportingformoreconsistent,complete,comparableandverifiablesustainability-relatedfinancialinformationtoenablethemtoassessanentity’senterprisevalue.2Ascompetitiveconditionschange,anentity’sabilitytoremainresilientwillrelyonarangeofnon-financialsourcesofvalue.Suchsourcescouldincludeitsworkforce,thespecialisedknowledgeithasdeveloped,oritsrelationshipswithlocalcommunitiesandnaturalresources.Users,therefore,seekinformationaboutthesignificantsustainability-relatedrisksandopportunitiesfacinganentitytoinformtheirdecisionsaboutprovidingresourcestotheentity.Such

1See'Reportingonenterprisevalue:Illustratedwithaprototypeclimate-relatedfinancialdisclosurestandard'

(https://29/wp-content/uploads/Reporting-on-

enterprise-value_climate-prototype_Dec20.pdf)

.

2ThroughoutthisBasisforConclusions,theterms‘primaryusers’and‘users’areusedwiththesamemeaningandrefertoexistingandpotentialinvestors,lendersandothercreditors.

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informationsupplementsandcomplementstheinformationcontainedintheentity’sfinancialstatements.

Sustainability-relatedrisksandopportunitiesarisefromanentity’simpactsanddependenciesonresourcesandfromtherelationshipstheentitymaintainsthatmaybepositivelyornegativelyaffectedbythoseimpactsanddependencies.Whenanentity’sbusinessmodeldepends,forexample,onanaturalresource—suchaswater—itislikelytobeaffectedbychangesinthequality,availabilityorpricingofthatresource.Whenanentity’sactivitiesresultinadverseexternalimpacts—forexampleonlocalcommunities—itislikelytobesubjectedtoconsequencessuchasstrictergovernmentregulationandreputationaldamage.Lessdirectly,butnolessimportantly,whenanentity’sbusinesspartnersfacesignificantsustainability-relatedrisksandopportunities,theentitycouldbeexposedtorelatedconsequencesofitsown.Whensuchimpacts,dependenciesandrelationshipscreaterisksoropportunitiesforanentity’sobjectives,theycancreateorerodetheentity’senterprisevalueandthefinancialreturnstoprovidersoffinancialcapital.

Enterprisevaluereflectsexpectationsoftheamount,timinganduncertaintyoffuturecashflowsovertheshort,mediumandlongtermandthevalueofthosecashflowsinthelightoftheentity’sriskprofileandcostofcapital.Theinformationcontainedinitsfinancialstatementsandtheinformationincludedinanentity’ssustainability-relatedfinancialdisclosuresareessentialinputstotheassessmentauserofgeneralpurposefinancialreportingmakesoftheenterprisevalueofanentity.Ifapproved,theproposalswouldestablishgeneralrequirementsforanentitytodisclosematerialinformationaboutallofthesignificantsustainability-relatedrisksandopportunitiestowhichitisexposed.

TheExposureDraft

TheExposureDraftsetsouttheproposedoverallrequirementsfordisclosingsustainability-relatedfinancialinformationtoprovideusersofgeneralpurposefinancialreportingwithacompletesetofsustainability-relatedfinancialdisclosures.Itisintendedtomeettheneedsofuserswhoarenotinapositiontorequireanentitytopreparereportstailoredtotheirparticularinformationneeds.

Anentitywouldberequiredtodisclosematerialinformationaboutallofthesignificantsustainability-relatedrisksandopportunitiestowhichitisexposed.TheExposureDraftincludesproposedrequirementsandguidancetosupportthedisclosureofmaterialinformationaboutsignificantsustainability-relatedrisksandopportunitiesnotspecificallyaddressedbyanexistingIFRSSustainabilityDisclosureStandard.

Theinformationrequiredwouldrepresentcoreaspectsofthewayinwhichanentityoperates—governance,strategy,riskmanagementandmetricsandtargets.ThisapproachreflectsfeedbackonkeyrequirementsforsuccessintheTrustees’2020consultationonsustainabilityreporting,andbuildsuponthewell-establishedworkoftheTCFD.TheExposureDraftusesdefinitionsandrequirementsthatareconsistentwiththeIASB’sConceptualFrameworkfor

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FinancialReporting,IAS1PresentationofFinancialStatementsandIAS8AccountingPolicies,ChangesinAccountingEstimatesandErrors.

TheExposureDraftproposesthatanentity’ssustainability-relatedfinancialdisclosuresbemadeinrelationtothesamereportingentityasthattowhichitsgeneralpurposefinancialstatementsrefer,andthatthesustainability-relatedfinancialinformationbedisclosedatthesametimeasthefinancialstatements.

TobeabletoassertcompliancewithIFRSSustainabilityDisclosureStandards,anentitymustmeetalltherequirementsofIFRSSustainabilityDisclosureStandards.

Statusoftheproposals

TheExposureDraftwouldapplytosustainability-relatedfinancialinformationdisclosedaspartofanentity’sgeneralpurposefinancialreporting.TheExposureDraftisdesignedtorequireinformationthatwouldcomplementthatcontainedinanentity’sfinancialstatements,regardlessofwhichGAAPtheentityhasusedwhenpreparingthosefinancialstatements.BecausetheExposureDraftisbeingdevelopedbytheISSB,astandard-settingbodyoftheFoundation,itusesterminology,guidanceandconceptsconsistentwiththoseinIFRSAccountingStandardswhenapplicable.TheTRWGfoundthatsuchanapproachwouldnot,inanyway,limitthesuitabilityofIFRSSustainabilityDisclosureStandardsforentitiesapplyingaGAAPandnotIFRSAccountingStandards.

TheExposureDraftsetsoutproposalsforgeneralrequirementsthatapplytothedisclosureofsustainability-relatedfinancialinformationandformsthebasisonwhichcomplementarystandardsthatsetoutmorespecificdisclosurerequirementswillbedeveloped.

TheExposureDraftisdesignedtobecapableofbeingappliedinthecontextofvariousjurisdictionalrequirements.Theproposalsareintendedtoaccommodatethelawsandregulationsinthevariousjurisdictionsinwhichentitiesoperate,includingwherethoselawsorregulationsspecifythedisclosureofparticularinformationinspecificdocuments,formatsandstructures.Theproposals,therefore,permitentitiestoreportinformationneededtomeetpublicpolicyobjectivesandjurisdictionalregulatoryrequirementsalongsideinformationrequiredbyIFRSSustainabilityDisclosureStandards.ThisapproachwillalsoallowpublicpolicyneedstobemetbyenablingentitiesusingIFRSSustainabilityDisclosureStandardstoprovidesupplementaryinformationthatmeetsregulatoryrequirementsandtheinformationneedsofotherstakeholders,providedthatanyadditionaldisclosuresdonotobscuretheinformationrequiredbyIFRSSustainabilityDisclosureStandards.TheproposalsareconsistentwiththeobjectiveofenablingIFRSSustainabilityDisclosureStandardstobeinteroperablewithotherjurisdictionalreportingrequirementswhilemeetingtheneedsofthecapitalmarkets.

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RelationshipwithotherIFRSSustainabilityDisclosureStandards

TheExposureDraftsetsoutproposedgeneralrequirementsthatmustbeappliedforanentitytobeabletostatecompliancewithIFRSSustainabilityDisclosureStandards.Itidentifiesthecorecontentofacompletesetofsustainability-relatedfinancialdisclosuresandsetsoutthequalitativecharacteristicsofusefulsustainability-relatedfinancialinformation.

TheExposureDraftestablishesabasisformorerobustandcomparablereportingofsustainability-relatedfinancialinformationbyproposingthatsomeestablishedpracticesfromfinancialreportingbeapplied.Inparticular,theExposureDraftincludesaproposedrequirementthatanentitymustdisclosecomparativeinformation,identifytherelatedfinancialstatementsandprovidethesustainability-relatedfinancialinformationatthesametimeasthefinancialstatements.TheExposureDraftalsoincludesproposedrequirementsforcorrectingerrorsandupdatingestimates.TheExposureDraft,therefore,servesasimilarroleforsustainability-relatedfinancialdisclosuresastheIASB’sConceptualFrameworkforFinancialReporting,IAS1andIAS8serveforgeneralpurposefinancialstatementspreparedinaccordancewithIFRSAccountingStandards.

DueprocessprovisionsapplicabletotheExposureDraft

TheurgentneedfortheISSBtodeliveritsinitialStandardshasbeenrepeatedlyhighlighted,includinginfeedbacktotheSeptember2020consultationonsustainabilityreportingheldbytheTrusteesandtotheApril2021ExposureDraftofproposedamendmentstotheFoundationConstitution.IOSCOhasalsoemphasisedtheurgentneedfordisclosurestandardsonclimatechange.Suchurgencycanposesignificantchallengestostandard-setting,whichaimstoachieveeffectiveoutcomesbybalancingtimelyresponsivenesstomarketneedswiththerigourofformaldueprocess.

TheTrusteesrecognisedtheopportunitytouseandbuilduponexistingsustainabilitystandardsandframeworks,includingthosedevelopedinaccordancewithpriordueprocessbytheorganisationsthatdevelopedthemandthatenjoybroaduserandpreparersupport.ThemaincomponentsoftheExposureDraftarebasedonworkthathasbeensubjecttoextensivepublicconsultationandredeliberationandhavesincegarneredsignificantmarketuptake.TheTrusteesviewedthisasasignalthesefoundationalstandardsandframeworkshelptoaddresstheinformationneedsofinvestorsandothercapitalmarketparticipants.

TheTrusteesnotedtheneedforpromptactionandthebackgroundtothecontentoftheExposureDraft.However,theyalsonotedthatthisdoesnotnegatetheneedforformaldueprocessandexposurebytheISSB.ItisimportantthattheISSB’sstakeholdersaregiventheopportunitytoprovidefeedbackontheproposalsconsistentwiththeFoundation’sinclusiveandthoroughdueprocess.

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TobalancetheneedtoadvancetheworkoftheISSBonatimelybasiswhileobtaininginputfrominterestedparties,theTrusteesdecidedtograntspecialpowerstotheChairandVice-ChairoftheISSBtoenabletimelypublicationofinitialexposuredraftsforstakeholderinput.TheTrusteesagreeditwouldbeappropriatethatastheISSBisbeingestablished(ieasatransitionalmeasure)theISSBChairandVice-Chairbeprovidedwiththeabilitytopublishexposuredraftsofaclimate-relateddisclosurestandardand/orageneralrequirementsdisclosurestandard.Thisdecisionisreflectedinparagraph56oftheFoundationConstitutionpublishedinNovember2021.

TheeffectofthisprovisionintheConstitutionisonlytoenabletheexposuredraftstobepublishedpriortotheISSBbeingquorate.TheexposuredraftsaresubjecttopublicconsultationandwillberedeliberatedbyaquorateISSB.TheISSBChairandVice-Chair’srightwasmadesubjecttooversightbytheDueProcessOversightCommitteeoftheTrusteeswhowereconsultedatameetingconvenedon21March2022atwhichtheyconfirmedthattheydidnotobjectwiththeISSBChairandVice-Chairpublishingtheseexposuredrafts.

Scope

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Ifapproved,theproposalswouldbeappliedwhenpreparinganddisclosingsustainability-relatedfinancialinformationingeneralpurposefinancialreporting.Understandingtheintendedscopeoftheproposalsdependsonanunderstandingofsustainability-relatedfinancialinformationandofenterprisevalue—conceptsthatareinterrelatedandareexplainedinthissection.

Sustainability-relatedfinancialinformation

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Theproposalwouldrequireentitiestodiscloseacompletesetofsustainability-relatedfinancialinformation.Therefore,thedefinitionof‘sustainability-relatedfinancialinformation’ispivotaltounderstandingthescopeofIFRSSustainabilityDisclosureStandardsgenerallyandtheExposureDraftinparticular.

Thedefinitionofsustainability-relatedfinancialinformationisthesameasthatsetoutintheGeneralRequirementsprototypepublishedontheFoundation’swebsiteinNovember2021,withminorchangesthatareintendedtoenhanceclarity.Thedefinitionis:

Informationthatgivesinsightintosustainability-relatedrisksandopportunitiesthataffectenterprisevalue,providingasufficientbasisforusersofgeneralpurposefinancialreportingtoassesstheresourcesandrelationshipsonwhichanentity’sbusinessmodelandstrategyforsustaininganddevelopingthatmodeldepend.

Thedescriptionofsustainability-relatedfinancialinformationisintentionallybroadtoreflectthattheinformationrelevanttoassessingenterprisevaluewillchangeovertime,forexample.Thisdefinitionisintendedtosettheoverallscopeofwhatisconsidered.Thisdescriptiondoesnotdeterminetheparticularinformationthatmustbeprovided;forexample,thedescriptiondoesnotincludetheextenttowhichinformationisrequiredtobeindustrybased.Further,theinformationthatanentitymustdiscloseislimitedtothat

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whichrelatestoitssignificantsustainability-relatedrisksandopportunitiesandthataffectenterprisevalueandisalsolimitedtothatwhichismaterial.ThebroadcategoriesofinformationanentitymustprovidearesetoutintheCoreContentsectionoftheExposureDraft(seeparagraphBC42).

Preparingsustainability-relatedfinancialinformationrequiresanentitytoconsiderthewayinwhichitsactivitiesincreaseormitigatesustainabilityrisks—impactsanddependenciesonresourcesandfromtherelationshipsitmaintainsthatmaybepositivelyornegativelyaffectedbythoseimpactsanddependencies—whenitisrelevanttotheassessmentofenterprisevalue.Whattheentityshouldincludeinsustainability-relatedfinancialdisclosurescould,therefore,changeovertime.Theinformationshouldtakeaccountoftheinterconnectednessofrisksaswellasinteractionsbetweentheentity’sresourcesandrelationships.Thisincludesthewayinwhichsustainability-relatedrisksandopportunitieslinkandoverlapandbydoingsoinfluenceandamplifyeachother.TheExposureDraftdoesnotproposethatanentityreportonallitsresourcesandrelationships.Sustainability-relatedfinancialinformationisrequiredonlytotheextentthatitismaterialtoanassessmentofenterprisevalue.

TheExposureDraftisfocusedonmeetingtheneedsofthecapitalmarketsinassessingenterprisevaluewhichiswhythefocusisonsustainability-relatedfinancialinformation.However,itisusefultoconsidersustainability-relatedfinancialinformationinthecontextofdefinitionsandinterpretationsof‘sustainability’.

Theconceptofsustainabilityisfrequentlylinkedto‘sustainabledevelopment’,whichwasdefinedin1987as‘developmentthatmeetstheneedsofthepresentwithoutcompromisingtheabilityoffuturegenerationstomeettheirownneeds,’(WorldCommissiononEnvironmentandDevelopment,TheBrundtlandreport:OurCommonFuture,OxfordUniversityPress,Oxford,1987).TheUN’sdefinitionsofsustainability,itssustainabledevelopmentgoalsandinternationalpolicypronouncements,identifymatters

thattheUNhasconcludedareimportantinconsideringsustainability,suchas:

•climatechange(theUNFrameworkConventiononClimateChange);

•biodiversity(theUNConventiononBiologicalBiodiversity);

•oceans(theUNConventionontheLawoftheSea);

•desertification(theUNConventiontoCombatDesertificationinthoseCountriesExperiencingSeriousDroughtand/orDesertificationParticularlyinAfrica);and

•humanrights(UniversalDeclarationofHumanRights).

Nationalprovisionsonlimitingenvironmenta