Business, financial institutions and financial regulators in Kazakhstan and the wider Central Asian region are being encouraged to understand and implement new international sustainability reporting and disclosure standards. 

As sustainability reporting disclosures (IFRS S1 and S2) are being adopted across the globe, business and finance leaders and regulators from Kazakhstan, Uzbekistan, Kyrgyzstan, Azerbaijan and Tajikistan were informed this week that they need to enhance their understanding of global developments in sustainability disclosures and nature-related risks.Increasing knowledge about sustainability reporting standards should help raise awareness among regulators and prepare the business community for the effective implementation of standards from the International Sustainability Standards Board (ISSB).

A Capacity Building Seminar held on 16 April in Astana, Kazakhstan explored how global capital markets demand more consistent, comparable and verifiable information about companies’ exposure to, and management of, sustainability-related risks, particularly, climate/biodiversity risks, and opportunities, as well as about their related transition plans.

The seminar – organised by ACCA (the Association of Chartered Certified Accountants) in conjunction with AIFC (Astana International Financial Center) Green Finance Centre as the Regional Chapter of the Green Investment Principles for BRI (GIP) in Central Asia – was designed to enhance regulators’ and business leaders’ understanding of global developments in sustainability disclosures.

Zhanna Iskenova, Cluster Head-Kazakhstan & Central Asia, ACCA, said: 'As a framework partner to the ISSB, ACCA is pleased to be working with AIFC Green Finance Centre supported by OECD, Capacity-building Alliance of Sustainable Investment (CASI) and EY.

‘The seminar was a great opportunity to understand the knowledge levels of this important topic across the region, and it was encouraging to see the strong commitment to implementing sustainability standards.’

The day provided a comprehensive overview of ISSB standards, shared best practices through case studies, and delivered practical training on preparing sustainability reports focused on IFRS S1 and S2. Participants also gained insights into developing and disclosing transition plans.

Manas Gizhduaniyev, CEO of AIFC Green Finance Centre, said: 'This year, the AIFC Green Finance Centre, with the support of the UNDP (United Nations Development Programme), will focus on updating the current AIX (Astana International Exchange) Guide for voluntary ESG disclosure, ensuring a more comprehensive implementation of the ISSB standards (IFRS 1 and 2). We anticipate these standards will become the dominant framework for sustainability reporting in the medium term, both within Kazakhstan and throughout the wider region.' 

Cheng Lin, Head of CASI Secretariat, said: ‘It’s encouraging to see sustainable finance gaining momentum in Central Asia, with sustainability disclosure becoming a critical pillar. At GIP and CASI, capacity building – both at the institutional and individual levels – has always been at the heart of our work.'

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We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
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