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As world leaders gather for COP28 to advance action for addressing climate risks, a group of major Multilateral Development Banks have confirmed their support for the work of the International Sustainability Standards Board (ISSB).

The statement is given by the Asian Infrastructure Investment Bank, the European Investment Bank, the Inter-American Development Bank and the European Bank for Reconstruction and Development.

The banks, recognised for their vital role in fostering global economic development, stated:

We welcome global initiatives to introduce sustainability reporting standards that complement existing financial reporting standards, and we support transparency and comparability of sustainability-focused disclosure, including the work of ISSB and the use of ISSB Standards by certain jurisdictions.

We see this as a key part of the global public goods agenda, helping to direct public and private finance where it is needed most.

We, the Multilateral Development Bank community, are closely following and contributing to efforts led by the standard-setting organisations and authorities at jurisdictional level focused on sustainability reporting.

The support of the Multilateral Development Bank community was instrumental in the prior introduction of IFRS Accounting Standards in regions such as Africa, Latin America & the Caribbean, Eastern Europe and South East Asia. The IFRS Foundation is grateful for the continued collaboration towards shaping the introduction of global sustainability disclosure standards.

During COP28, the IFRS Foundation and ISSB will be meeting with a range of key stakeholders to advance the adoption and use of ISSB Standards—IFRS S1 and IFRS S2.

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IFRS Sustainability Standards development
IFRS Sustainability jurisdictional development