In an attempt to realize decision usefulness of corporate sustainability reporting, standard setters and scholars are discussing a shift from a voluntary to a mandatory reporting approach. However, the EU Commission and the International Sustainability Standards Board (ISSB) follow different approaches regarding the materiality definition of mandatory corporate sustainability reporting. While the EU Commission focuses on double materiality, the ISSB concentrates on single materiality. In view of this controversy, the purpose of this paper is to analyze both materiality concepts and related sustainability reporting frameworks that significantly influence the future standardization process. Referring to a ’block model‘ between the EU Commission and the ISSB, a systematic connection of future sustainability reporting with the UN Sustainable Development Goals (SDGs) as well as the monetized reporting of externalities and science based climate targets are proposed. As the proposed ’block model‘ will contribute to the goal of climate neutral economy, it will also trigger a fundamental shift in the standardization process of sustainability reporting.