IFC and IFRS Foundation join forces to boost sustainability reporting in emerging markets

Posted on July 7, 2024 by Editor

The International Finance Corporation (IFC), part of the World Bank Group, and the IFRS Foundation recently announced a strategic partnership to enhance standardised sustainability and climate reporting in emerging markets and developing economies.

The partnership will implement programmes to promote consistent application of the IFRS Sustainability Disclosure Standards, launched in June last year, across emerging economics.

It will build on the IFC's expertise as a capacity-building and knowledge-sharing organisation, drawing on previous efforts such as Beyond the Balance Sheet. This initiative aimed to improve sustainability reporting in emerging economies, aligning with the new IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards.

The partnership will implement capacity-building activities, developing new toolkits, research publications, and training programmes. The partnership also plans to offer technical assistance and tailored support for jurisdictions, building on previous IFC initiatives in Bangladesh and Jordan.

The IFC and the ISSB aim to support the private sector's transition towards more resilient business models, meeting the growing demand for high-quality sustainability information from global investors and stakeholders.

For more information on the partnership, see the IFRS website.