The IFRS Foundation and the African Development Bank have joined forces to enhance sustainability disclosure practices, aligning with ISSB Standards to support investor decision-making.
The partnership will be led by the bank group's African Financial Alliance on Climate Change (AFAC) and the IFRS Foundation's International Sustainability Standards Board (ISSB).
AFAC serves as a voluntary platform that brings together diverse stakeholders within Africa's financial sector, including regulators, policymakers and civil society, to collectively address climate change and promote sustainable finance.
Dr. Akinwumi Adesina, President of the African Development Bank, emphasised the commitment to advancing sustainability disclosure practices in African markets. Through the partnership with the IFRS Foundation, efforts will focus on capacity building and assistance to enhance transparency, accountability and efficiency, with the ultimate goal of mobilising capital flows across Africa.
Erkki Liikanen, Chair of the IFRS Foundation Trustees, expressed gratitude for the partnership with the African Development Bank, highlighting the shared priority of assisting companies and jurisdictions in adopting ISSB Standards.
Emmanuel Faber, Chair of the ISSB, underscored the perceived benefits of using ISSB Standards for African companies and economies. Through collaboration with the African Development Bank, efforts will be directed towards unlocking the advantages of sustainability reporting, thereby contributing to the growth and development of African businesses and economies.
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