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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
On 26 June 2023 the ISSB issued its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-related disclosures in capital markets worldwide.
African Ministers; senior officials responsible for finance, environment and sustainable development; and other representatives of international bodies and development institutions have expressed support for the work of the International Sustainability Standards Board (ISSB) in a communique published in relation to the International Cooperation Forum and Meeting of African Ministers of Finance, Economy and the Environment in Egypt on 7–9 September 2022.
The communique also encourages the ISSB to work closely with African stakeholders and to provide strong advisory and capacity building support to achieve early adoption of the ISSB’s Standards in Africa.
Emmanuel Faber, ISSB Chair, said:
I’m greatly encouraged by the African community’s interest in and support for the ISSB’s work. This commitment is reciprocated as we develop a global baseline of sustainability disclosures that follows an inclusive process and is shaped by feedback from all regions, including Africa. We look forward to working closely with stakeholders across Africa and in developing and emerging economies elsewhere to build sustainability disclosure capacity.
The ISSB has recently announced the appointment of Jingdong Hua as ISSB Vice-Chair with responsibility for overseeing the development and implementation of the ISSB’s strategies to support and include stakeholders in emerging and developing economies as well as small and medium-sized companies.
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