LOADING

Type to search

IFRS Foundation and IFC Announce Partnership to Improve Sustainability Reporting in Emerging Markets

IFRS Foundation and IFC Announce Partnership to Improve Sustainability Reporting in Emerging Markets

IFRS
  • Strategic Partnership: IFC and IFRS Foundation collaborate to enhance sustainability and climate reporting in emerging markets.
  • Global Standards: Focus on implementing IFRS Sustainability Disclosure Standards across EMDEs.
  • Capacity Building: Programs include toolkits, research, training, and technical assistance for effective reporting.

The International Finance Corporation (IFC) and the IFRS Foundation have signed a strategic partnership to strengthen sustainable capital markets by improving sustainability and climate reporting in emerging markets and developing economies (EMDEs). Announced during London’s Climate Action Week, this collaboration marks a pivotal step towards standardized and transparent reporting.

Today marks a pivotal moment as we join forces with the IFRS Foundation in advancing sustainability and climate reporting,” said Martine Valcin, IFC Global Manager, Corporate Governance and ESG Advisory, Knowledge and Learning. “Our combined efforts are set to drive significant strides in standardizing and enhancing transparency, ensuring that EMDEs are not left behind in the global shift towards sustainable finance.

In June 2023, the IFRS Foundation’s International Sustainability Standards Board (ISSB) issued two Standards aimed at delivering global consistency and comparability of sustainability-related financial disclosures. Jurisdictions representing about 55% of global GDP are already adopting these Standards.

The partnership focuses on promoting and building capacity for the consistent application of IFRS Sustainability Disclosure Standards in EMDEs. Programs include developing toolkits, publishing research, and conducting training to encourage sustainability reporting. Additionally, the collaboration provides technical assistance and tailored support to help jurisdictions effectively adopt these Standards, leveraging IFC’s initiatives in Bangladesh and Jordan.

We are proud to collaborate with IFC, uniting our commitment to high-quality sustainability and climate-related financial reporting with their deep market insights and global reach,” mentioned Jingdong Hua, Vice-Chair of the ISSB. “This partnership will expand our impact, helping enhance the quality of sustainability and climate-related financial reporting worldwide, especially in emerging markets and developing economies. It plays a critical role in bringing structured and reliable sustainability information to the forefront of global markets, facilitating investments.

Related Article: GHG Protocol and IFRS Foundation Partner to Enhance GHG Emissions Reporting Standards

Building on IFC’s efforts, such as the Beyond the Balance Sheet program and the Sustainable Banking and Finance Network (SBFN), this partnership aims to future-proof financial markets against environmental risks. It also supports the private sector in evolving towards resilient business models and promotes the transparency demanded by global investors and stakeholders.

Topics

Related Articles

LOADING

Type to search

Blog

GameChange Solar Brings Utility-Scale Tracker Technology to New Zealand
Monsoon Wind Powers Up 600 MW, First Cross-Border Wind Farm in Asia
Hong Kong Positions Itself as Global Hub as 90% of Family Offices Integrate ESG
Enfinity Global Secures $341M to Build 276 MW of Solar Projects in Italy
thyssenkrupp Nucera Acquires Green Hydrogen Systems Assets
Neuberger Berman Joins Blackstone in Backing Sustainability Software Provider Sphera
Ghana, Singapore Forge Sustainable Development and Carbon Market Partnership
Diginex, SGS Strengthen Alliance to Scale Sustainable Finance Solutions
Iberdrola España Starts Commissioning of €200M Ciudad Rodrigo Solar Plant
Protecting Nature Could Unlock Growth and Jobs, Says World Bank Report
image of the Triibe team on stage during event
Trump Administration Cuts $679 Million in Offshore Wind Funding
Thailand’s Tourism Authority Drives ESG Tourism to Boost Community Income, Global Recognition
PepsiCo Reports 2024 Progress on pep+ Sustainability and Nutrition Goals
RBI to Integrate Climate Resilience into India’s Financial System
BlackRock, LGIM Face $34 Billion Loss in Dutch Pension Shift
Denmark to Launch EU-Standard Green Bonds, Raising the Bar for Sovereign Issuance
RMI Welcomes 18 Climate Tech Innovators to Drive Global Decarbonization
Rolls-Royce, Microsoft Back HVO as Low-Carbon Fuel for Singapore Data Centres
Temasek’s GenZero Commits to Climate Impact Milestone by 2028
","session_id":"ep-sess-1760499314-KVG7HrDR","page_url":"https:\/\/esgnews.com\/ifrs-foundation-and-ifc-announce-partnership-to-improve-sustainability-reporting-in-emerging-markets\/","post_id":"28105","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */