The African Development Bank (AfDB) and the IFRS Foundation have joined forces to promote sustainability- related disclosure practices in Africa.
Together they plan to engage with African financial institutions, regulators, and policy makers to provide capacity building and technical assistance. The aim is to develop the knowledge and capacities for effective sustainability disclosure, in compliance with ISSAB Standards, to support investor decision-making.
There is strong support for the introduction of ISSB Standards in Africa, both Kenya and Nigeria have signalled their intent to adopt and use them.
ISSB Chair, Emmanuel Faber said: “We have heard from African companies of the perceived benefits in using the ISSB Standards to communicate about transition and physical risks to secure competitive advantage and attract investment. 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.”
