KEY ESSENTIALS

The Wealth Economy, Sustainable Development and the Law

Module 1: Course Orientation and Introduction
Democratising Education for Global Sustainability and Justice
Online Education Series
Learning Objectives

• Introduce learners to the core challenges inherent in promoting a wealth economy.

• Engage learners in thinking critically about how nature and other goods are valued in
accounting codes, law and policy worldwide.
• Introduce learners to the role of governance in supporting a wealth economy.
• Prepare learners to strengthen the role of law and policy in monitoring and reporting.
• Inspire learners to continue their professional development.
Rising Global Social and Ecological Risks
As the world economy faces a series of shocks, science also warns of intensifying human
development pressures and shattering of planetary boundaries

Human Development Index Global Planetary Boundaries COVID-19 Trade Impacts

Source: World Trade Organization (WTO)

Source: UN Development Programme (2020) 2021

Source: Stockholm Resilience Centre (2015)

International Responses to Complex
Challenges and Impacts
• Global ‘wicked problems’ are increasing in severity and impact, but the risks are
not truly surprises. The international community has been examining scientific
data, raising the alarm, and struggling to negotiate responses for over 75 years,
¾ century, since the UN was founded.

• In November 2021 at UNFCCC CoP26, the International Financial Reporting

Standards (IFRS) Foundation announced plans to provide global financial
markets with high-quality disclosures on climate and other sustainability issues,
with a new International Sustainability Standards Board (ISSB) to develop a
comprehensive global baseline of high-quality sustainability disclosure standards;
and to develop/publish prototype climate and general disclosure rules, with
International Accounting Standards Board (IASB), Financial Stability Board’s Task
Force on Climate-related Financial Disclosures (TCFD), Climate Disclosure
Standards Board, Value Reporting Foundation and World Economic Forum,
supported by the International Organization of Securities Commissions (IOSCO).
• Law can be sword or shield. It remains to be seen how sustainability
considerations will be addressed by international accounting standards, and
related domestic legal and institutional reform.
SDGs Origins and Timeline
An International Regime
“Saving our planet, lifting people out of poverty, advancing economic
growth ... these are one and the same fight.”
- UN Secretary-General, Ban Ki-moon

Global policy agenda through 2030 Agenda and

Sustainable Development Goals (SDGs):
• 17 Goals, building on MDGs & 1992-2012 Agenda
• 169 Targets, measurable with indicators
• A framework to facilitate international cooperation and action, linked to
many international treaty regimes

International rules on accounting and quality

assurance standards through:
• As of 2023, 167 jurisdictions require use of International Financial
Reporting Standards (IFRS) for financial markets, as issued by the
International Accounting Standards Board (IASB), a London-based
independent body based in London. (Not US, Japan and China)
• IFRS seek to enhance comparative understanding of businesses
around the world, increase transparency and trust in financial reporting,
and foster global trade and investment.
• In 2021 at the UNFCCC COP26, the IFRS Foundation announced a
new International Sustainability Standards Board (ISSB).
Integrated Responses to Global Economic, Social &
Environmental Challenges
Global Challenges for the Economy: Inequality, poverty, hunger, natural resources
depletion, unemployment, lack of infrastructure, faltering trade, investment/financial rules,
perverse subsidies, lack of opportunity/stability
SDGs: Industry, innovation and infrastructure (SDG 9), Decent work and economic growth
(SDG 8), Reduced inequality (SDG 10), Sustainable consumption and production (SDG
12), No poverty (SDG 1), Zero hunger (SDG 2), Affordable and clean energy (SDG 7),
Sustainable cities and communities (SDG 11), Global partnership (SDG 17)
Global Challenges for Society: Human rights violations, human trafficking, loss of cultures
and languages, exclusion of women, minorities and others, hunger, poverty, health crisis
and pandemics, discrimination, lack of access to education
SDGs: Good health and wellbeing (SDG 3), Quality education (SDG 4), Gender equality
(SDG 5), Clean water and sanitation (SDG 6), Peace and justice (SDG 16), Zero hunger
(SDG 2), No poverty (SDG 1), Sustainable cities and communities (SDG 11), Global
partnership (SDG 17)
Global Challenges for the Biosphere: Climate change, biodiversity/ecosystems loss,
species extinction, land/soil degradation, marine/freshwater pollution, toxic
wastes/pollutants
SDGs: Life on land (SDG 15), Life below water (SDG 14), Clean water and sanitation
(SDG 6), Climate action (SDG 13), Affordable and clean energy (SDG 7), Sustainable
production and consumption (SDG 12), Sustainable cities and communities (SDG 11),
Global partnership (SDG 17)
Illustrations of Brief SD Bios
It is important to use consistent formatting of name, education and current position,
to stay brief (80 words), and clearly focus on relevant interests, experience and
languages.

• [Name of Person], BSc (Paris), BCL (Oxon), is a Franco-British legal specialist in

international accounting standards and sustainability. Currently a law lecturer at University
College London (UCL), she assisted the International Financial Reporting Standards to
launch a new International Sustainability Standards Board, and also served as lead
researcher for the Financial Stability Board’s Task Force on Climate-related Financial
Disclosures (TCFD), and as a rapporteur for the World Economic Forum. She speaks
French and English.
• [Name of Person], BA (NLSIU), LLB (NLSIU) is a practising advocate before the High
Court of Karnataka, India, and an expert in dispute resolution concerning infrastructure
and property law. He has assisted the Hon High Court of Karnataka in environmental
matters, including constitutional challenges to land enactments under Karnataka Land
Reforms Act, and has published over 40 papers and books worldwide, including
Sustainable Developments in Property Law (CUP, 2022). He speaks Hindi, English and
basic Arabic.
Recommended Online Resources:
- UN Sustainable Development Goals
[Click here]
- International Sustainability Standards
Board [Click here]
- World Summit on Sustainable
Development [Click here]
- International Institute for Sustainable
Development [Click here]
- Sustainable Development Solutions
Network [Click here]
Recommended Further Reading / To
Purchase from Publishers (if
interested):
- UN, Our Common Future (1987)
- A Sen, Development as Freedom
(Oxford University Press 1999)
- MC Cordonier Segger and A Khalfan,
Sustainable Development Law:
Principles, Practices and Prospects
(Oxford University Press 2004)
- D Coyle, Cogs and Monsters: What
Economics Is, and What it Should Be
(Princeton University Press 2021)