The World Bank Group and the IFRS Foundation have announced plans to expand their partnership to support the adoption of sustainability standards in emerging markets and developing economies (EMDEs).
This commitment, made during New York Climate Week, builds on their longstanding collaboration, which has helped implement IFRS Accounting Standards globally in EMDEs. The World Bank has also initiated a multi-year roadmap to align its climate and sustainability financial disclosures with the International Sustainability Standards Board (ISSB) while considering the specific business models of the International Bank for Reconstruction and Development and the International Development Association.
World Bank Group President Ajay Banga said, “The World Bank Group supports global initiatives to establish harmonised and interoperable sustainability reporting standards that enhance existing financial reporting. The Bank’s backing of the ISSB since its inception at COP26 highlights its commitment to the ISSB’s vital role in developing a global framework for sustainability and climate-related financial disclosures.”
The expanded partnership between the World Bank and IFRS Foundation will focus on supporting the proportional adoption of ISSB Standards in EMDEs, working closely with public and private stakeholders on capacity building.
IFRS Foundation Managing Director Michel Madelain said, “Already, a number of jurisdictions with developing economies around the world have signalled the intent to adopt ISSB Standards giving them an opportunity to unlock capital flows and establish transparency within value chains. The IFRS Foundation thanks the World Bank Group for its continued partnership around IFRS Accounting Standards and for its commitment to support the adoption of ISSB Standards in these economies.”
