Training Seminar on Sustainability Disclosure Held at the Astana International Financial Centre

On 16 April, a training seminar on sustainability disclosure was held at the Astana International Financial Centre (AIFC). The event was organised for financial institutions and listed companies from Kazakhstan and Central Asia by the AIFC Green Finance Centre – the regional office of the Green Investment Principles (GIP) – in partnership with the Association of Chartered Certified Accountants (ACCA). The seminar was supported by the Organisation for Economic Co-operation and Development (OECD), the Capacity-building Alliance of Sustainable Investment (CASI), and EY. 

The primary objective of the seminar was to support the implementation of the new international sustainability disclosure standards – IFRS S1 and IFRS S2 – across the region. In today’s global capital markets, companies are increasingly expected to provide consistent and verifiable information on sustainability-related risks, such as climate and nature-related risks, and their management, as well as associated opportunities and energy transition plans. Such information enables investors to make better-informed decisions when allocating resources to companies. 

In response to these needs, in June 2023 the International Sustainability Standards Board (ISSB), operating under the IFRS Foundation, issued two standards: 

• IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information, and 

• IFRS S2: Climate-related Disclosures. 

The first standard sets out requirements for disclosing information on sustainability-related risks and opportunities, while the second focuses specifically on climate-related disclosures, including mitigation strategies and adaptation measures. Both standards are applicable for reporting periods beginning on or after 1 January 2024. 

Manas Gizhduaniyev, CEO of AIFC Green Finance Centre, commented: “The Astana International Financial Centre continues to lead the way in the development of sustainable finance in Kazakhstan, responding to the growing demand for environmentally and socially responsible investments. This year, the AIFC Green Finance Centre, with the support of the UNDP, will focus on updating the current AIX 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. Furthermore, the Green Finance Centre remains committed to assisting companies in strengthening their ESG practices and ensuring the disclosure of non-financial information in line with international standards.” 

Cheng Lin, Head of CASI Secretariat, commented: “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. This seminar marks a valuable starting point, and we look forward to deepening collaboration with partners in Central Asia and other regions among the EMDEs to drive this agenda forward.” 

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.” 

Meanwhile, there is a growing need for a science-based, practical and effective transition plan that takes into account local and regional contexts. These include just transition, appropriate decarbonisation pathways, access to technology and transition investment from both the public and private sectors. 

Experts from the AIFC Green Finance Centre, ACCA, OECD, CASI, and EY delivered presentations and facilitated practical workshops for participants, covering global developments in sustainability disclosure, the new standards, and environmental risk factors. A total of 200 participants from Central Asia took part in the event, including 50 offline and 150 online. 

The delivery of such training to financial institutions and listed companies is expected to enhance awareness of the global shifts in disclosure practices and better prepare the business community for the effective adoption of the new standards. 

Background information:    

The Astana International Financial Centre (AIFC) is an independent jurisdiction offering a favourable legal and regulatory environment and advanced infrastructure for launching and operating businesses, attracting investment, creating employment opportunities, and supporting the economic development of Kazakhstan. 

The AIFC Green Finance Centre is a leading institution in sustainable finance in Central Asia. Accredited by the Climate Bonds Initiative and the International Capital Market Association, the Centre offers verification and advisory services to promote the growth of sustainable finance across the region. 

The Association of Chartered Certified Accountants (ACCA) is a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide. Founded in 1904 to widen access to the accountancy profession, ACCA has long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.   

 The Capacity-building Alliance for Sustainable Investment (CASI) is an international cooperation platform aiming to deliver higher-quality and higher-impact sustainable finance capacity building services for developing countries, via developing a “global aggregator and distributor of sustainable finance knowledge”.  Since its official launch in December 2023, CASI has over 60 member institutions including financial companies, associations, NGOs, service start-ups and higher education institutions, covering Southeast Asia, Latin America, Africa, the Middle East and other emerging markets. 

The Organisation for Economic Co-operation and Development (OECD) is a forum and knowledge hub for data, analysis and best practices in public policy. It works with over 100 countries across the world to build stronger, fairer and cleaner societies – helping to shape better policies for better lives. 

EY is a multinational professional services network based in London, United Kingdom. EY is one of the largest professional services networks in the world. It primarily provides assurance, tax, information technology services, consulting, and advisory services to its clients.