IFRS Foundation and African Development Bank team up image credit shutterstock

The IFRS Foundation and African Development Bank are teaming up to develop the knowledge and capabilities for effective sustainability disclosure. The tie-up is in compliance with ISSB Standards to support investor decision-making.

The bank group’s African Financial Alliance on Climate Change (AFAC) and the IFRS Foundation’s International Sustainability Standards Board (ISSB) will lead on the partnership.

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AFAC is a voluntary platform that brings together diverse stakeholders within the African financial sector. This includes regulators, policymakers, and civil society to collectively tackle climate change and encourage sustainable finance

African Development Bank President Dr Akinwumi Adesina said: “We are committed to supporting markets across Africa to advance sustainability disclosure practices. Through our partnership with the IFRS Foundation we will deliver capacity building and assistance. This will lead to enhanced transparency, accountability and efficiency. The goal is to mobilise capital flows across Africa.”

IFRS Foundation Trustees Chair Erkki Liikanen added: “We thank the African Development Bank for their important partnership as we prioritise helping companies and jurisdictions develop the skills and capabilities to adopt the ISSB Standards.”

ISSB Chair, Emmanuel Faber said: “We have heard from African companies of the perceived benefits in using the ISSB Standards. Through our partnership with the African Development Bank, we will be better placed to unlock the benefits of sustainability reporting for African companies and economies.”

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There is strong support for the introduction of ISSB Standards with jurisdictions from around the world. Countries including Nigeria and Kenya have signalled their intent to adopt or otherwise use them.