UNDP partners with GRI, GSG Impact, IFRS Foundation and ISO to establish Sustainability Disclosure and Management Hubs
PRESS RELEASE
UNDP partners with GRI, GSG Impact, IFRS Foundation and ISO to establish Sustainability Disclosure and Management Hubs
Sustainability Disclosure and Management Hubs (SDMHs) are set to execute their projects in collaboration with UNDP Financial Centres for Sustainability (FC4S), across 14 developing and emerging economies in Latin America and the Caribbean, Africa, and Asia during 2024 and 2025. These projects will focus on capacity building, national development priorities, stock exchange guidance, and development of regulations.
New York, July 31, 2024 – United Nations Development Programme (UNDP), Global Reporting Initiative (GRI), GSG Impact, IFRS Foundation, and International Organization for Standardization (ISO) have forged a unique alliance to support the adoption of international standards that improve company’s sustainability disclosures around the world.
Expanding upon the existing partnership between UNDP and the IFRS Foundation’s International Sustainability Standards Board, initially established through a Partnership Framework launched at COP27 in 2022, this strengthened collaboration will see UNDP take the lead in establishing Sustainability Disclosure and Management Hubs (SDMHs). These collaborative platforms will help facilitate the adoption of sustainability disclosure and management standards, including IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, the GRI Standards for impact reporting and management standards developed by ISO and UNDP.
“We are excited to collaborate with Global Reporting Initiative (GRI), GSG Impact, IFRS Foundation (IFRS), and International Organization for Standardization (ISO) in launching the SDMHs, a remarkable step forward in advancing global sustainability disclosure and management standards.” said Marcos Neto, Assistant Secretary General, Assistant Administrator and Director, Bureau for Policy and Programme Support of the United Nations Development Programme (UNDP). “These hubs will empower developing and emerging economies, fostering capacity building in sustainability disclosure and management while aligning with their national development priorities through a comprehensive approach.”
In 2024, the SDMHs are set to execute their pilot projects in six developing and emerging economies in Latin America and the Caribbean, Africa, and Asia, focusing on capacity building, national development priorities, stock exchange guidance, and development of regulations. These projects will be executed in collaboration with UNDP Financial Centres for Sustainability Network (FC4S) Members. In 2025, the initiative is set to expand to eight additional countries, thereby encompassing a total of 14 countries under the program.
“The introduction of the ISSB Standards globally can help deliver decision-useful, consistent and comparable information to investors globally, advancing the understanding of the sustainability-related risks and opportunities companies face. To secure this, guidance, education and training is needed. We applaud UNDP for their leadership in establishing sustainability disclosure hubs. We look forward to partnering closely to support this vital work,” said Jingdong Hua, Vice-Chair, International Sustainability Standards Board (ISSB).
“The increased demand for comparable, quality data related to the impacts of companies’ operations and products, as well as the financial implications of those impacts on the business, adds pressure up and down global value chains. We are proud to be part of this initiative from UNDP, which supports companies and governments to understand how our various disclosure mechanisms and frameworks complement each other to increase transparency, support sustainable development and help companies remain competitive,” said Peter Paul van de Wijs, Chief External Affairs Officer of the Global Reporting Initiative (GRI).
“We are extremely pleased to have recently formalized our collaboration with UNDP. The SDMH initiative is another opportunity to have the meaningful impact together that we would not be able to achieve alone. We look forward to bringing the value of ISO to the partnership and working with all involved. Our standards are more powerful together. By demonstrating the connection and interoperability between them, we will be building capacity in countries with developing and emerging economies to more effectively and efficiently manage sustainability disclosures,” said Sergio Mujica, Secretary General of International Organization for Standardization (ISO).
“As long-standing partners of UNDP, and members of the IFRS Foundation’s ISSB Sustainability Consultative Committee and Partnership Framework for Capacity Building, we are delighted to support the establishment of SDMHs, through close collaboration at the global level and also through our GSG National Partners in emerging economies included in the 2024-2025 leg of the UNDP initiative. We expect this to build on and be closely coordinated with our ongoing efforts to ensure adequate levels of inclusivity from key stakeholders in emerging and development economies in global sustainability disclosure standard setting efforts – as part of our mission to advance wider impact transparency, which has seen us work hand in hand with UNDP FC4S and UNDP´s country offices from 2023,” said Nick Hurd, Chair of GSG Impact and the Impact Taskforce.
The SDMHs will harness global expertise by engaging with partners to enhance outreach, communication, and resource-sharing, ensuring the success of this initiative.
About UNDP
As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. UNDP helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals. UNDP’s work is centred around six signature development solutions: poverty and inequality, governance, resilience, environment, energy and gender equality.
Learn more at www.undp.org or follow at @UNDP
About UNDP SFH
The Sustainable Finance Hub brings together UNDP’s financial expertise to harness public and private capital for the Sustainable Development Goals (SDGs) – supporting governments, investors and businesses in reaching climate, social impact and sustainability targets. Its work drives systemic change towards a sustainable financial architecture that benefits people and the planet.
Find out more about its integrated services that ensure all finance is sustainable, at https://sdgfinance.undp.org or follow at @UNDP_SDGFinance
About UNDP FC4S Network
The Financial Centres for Sustainability (FC4S) Network is a global network of 44 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. FC4S is hosted by UNDP’s Sustainable Finance Hub.
Learn more at www.fc4s.org or follow at @FC4SNetwork
About the Global Reporting Initiative (GRI)
Global Reporting Initiative (GRI) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts, by providing the global common language to report those impacts. The GRI Standards are the world’s most widely used sustainability reporting standards, which are developed through a multi-stakeholder process and provided as a free public good.
For further information, please visit www.globalreporting.org
About GSG Impact
GSG Impact, active in over 50 countries, works to progress the transformation of global financial systems, so that every investment, business and government spending decision takes into account impact, as well as risk and return.
The GSG Impact Partnership is a growing community of national partners dedicated to advancing impact locally and globally. GSG Impact supports the development and work of the national partners. We harness our collective voice to advocate for impact globally, and advance impact through innovation, knowledge sharing, convening and collaboration.
For detailed information, please visit www.gsgimpact.org
About IFRS Foundation
The IFRS Foundation is a not-for-profit organisation created in 2001 to develop— in the public interest—high-quality, understandable, enforceable and globally accepted standards for general purpose financial reporting, and to promote and facilitate their adoption.
The International Sustainability Standards Board (ISSB) is an independent sustainability disclosure standard-setting body of the IFRS Foundation. The ISSB issues IFRS Sustainability Disclosure Standards and the IFRS Sustainability Disclosure Taxonomy, which enables digital reporting. The ISSB also maintains the SASB Standards. IFRS Accounting Standards, set by the International Accounting Standards Board, are required in more than 140 jurisdictions.
For detailed information, please visit www.ifrs.org
About the International Organization for Standardization (ISO)
ISO, the International Organization for Standardization, brings global experts together to agree on the best way of doing things – for anything from making a product to managing a process. As one of the oldest non-governmental international organizations, ISO has enabled trade and cooperation between people and companies the world over since 1946. The International Standards published by ISO serve to make lives easier, safer and better.
For further information, please visit www.iso.org
Press Contact:
Ayesha Babar
Head of Strategic Coordination and Communications
UNDP Sustainable Finance Hub
ayesha.babar@undp.org
