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- Strategic Leap: PAFA Board approves a Centre of Excellence (CoE) for Sustainability, marking a milestone in African governance and sustainability efforts.
- Empowerment Drive: The CoE aims to empower African Professional Accountancy Organisations (PAOs) to adopt and implement the IFRS Sustainability Disclosure Standards.
- Global Collaboration: The initiative is supported by partnerships with the UK FCDO and IFRS Foundation, underscoring a global commitment to advancing sustainability in Africa.
The Pan African Federation of Accountants (PAFA) has taken a significant step forward by officially approving the establishment of a Centre of Excellence (CoE) for Sustainability. This strategic initiative is pivotal in advancing governance, transparency, and sustainable value creation across Africa. The CoE is designed to accelerate the adoption and implementation of the IFRS Sustainability Disclosure Standards of the International Sustainability Standards Board (ISSB) throughout the continent.
Sustainability disclosures are becoming an integral part of good governance and transparency, particularly in Africa, where aligning with global standards is critical. The PAFA Board’s decision to create the CoE highlights the urgent need for capacity building to support the adoption of the ISSB Standards. This initiative is set to empower Professional Accountancy Organisations (PAOs) and their members to drive meaningful change and contribute to the region’s economic growth.
“This initiative will be a game-changer for Africa, enabling our PAOs to lead the way in sustainable practices and governance,“ said a PAFA representative.
What the CoE Offers The CoE will function as a central resource hub for PAOs across Africa, offering:
- Learning and Development: Access to curated content, webinars, and forums to foster continuous learning.
- Adoption and Implementation Support: Tailored guidance and resources to expedite the adoption of ISSB standards.
- Data and Analytics Tools: Comprehensive data sets and analysis tools to bolster sustainability reporting.
- Multilingual Services: All resources will be available in multiple languages, ensuring accessibility across the continent.
“Our collaboration with the UK FCDO and IFRS Foundation is a testament to our shared commitment to elevating sustainability standards in Africa,“ noted another PAFA board member.
The CoE’s online platform will be the core of its service delivery, featuring a user-friendly interface packed with resources and tools. The implementation will be phased, supported by strategic partnerships, donor funding, and a diversified funding model. This approach ensures the CoE’s long-term sustainability and operational success.
With the strategy now approved, PAFA is moving swiftly into the implementation phase. This involves identifying and upskilling country champions and establishing a Forum for Advancing Sustainability and Integrated Reporting in Africa. These efforts are critical to developing and executing a multi-year strategy plan. External funding will be essential to the success of the CoE, and PAFA is actively pursuing fundraising efforts.
Related Article: UNDP partners with GRI, GSG Impact, IFRS Foundation and ISO to establish Sustainability Disclosure and Management Hubs
PAFA invites stakeholders, including PAOs, corporate partners, and international organizations, to engage with the CoE and support its mission to elevate sustainability reporting practices across Africa. “Your collaboration is key to unlocking the full potential of this transformative initiative,“ a PAFA spokesperson emphasized.
This initiative is poised to set a new standard for sustainability in Africa, driving forward the continent’s commitment to responsible governance and transparency.