South Africa’s Financial Sector Conduct Authority (FSCA) and the International Finance Corporation (IFC) have signed an agreement to help develop climate and sustainability reporting regulations.
The partnership will bolster the FSCA’s efforts to support the adoption of the International Sustainability Standards Board (ISSB) standards and is part of the IFC’s Beyond the Balance Sheet programme.
The initiative will be conducted in coordination with the IFC’s Integrated ESG Program, the United Nations Development Programme (UNDP) and the IFRS Foundation.
A jurisdictional roadmap for ISSB adoption will be encompassed in the initiative, as well as the development of ISSB-aligned regulatory frameworks, the creation of implementation tools such as Board of Directors guidance, supervisory training for FSCA staff, and engagements with financial and corporate sectors.
FSCA deputy commissioner Astrid Ludin said: “This partnership reflects our shared vision for a sustainable financial sector that supports inclusive economic development and long-term stability.
“We are proud to take this important step with IFC and the IFRS Foundation, bringing world-class sustainability reporting practices to South Africa.”
Charles Canfield, IFC global manager, corporate governance, added: “South Africa is paving the way in the region by ensuring that companies, investors, and regulators are equipped to navigate the evolving sustainability landscape and respond to climate risks in a transparent and accountable way.”
