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FSCA and IFC Announce Partnership to Improve Sustainability Reporting in South Africa

The Financial Sector Conduct Authority (FSCA) of South Africa and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a Cooperation Agreement to support the development of climate and sustainability reporting regulations aligned with the International Sustainability Standards Board (ISSB). The agreement supports ongoing efforts by the FSCA to support the adoption of the ISSB standards

“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,” said FSCA Deputy Commissioner Astrid Ludin.

The initiative is part of IFC’s Beyond the Balance Sheet program and is delivered in close coordination with IFC’s Integrated ESG Program, the United Nations Development Programme (UNDP) and the IFRS Foundation. The collaboration aims to strengthen South Africa’s sustainable disclosure framework by tailoring ISSB-aligned regulations to the country’s context and building institutional capacity for their effective implementation.

“This collaboration will help bring global consistency to climate-related financial disclosures while addressing local market priorities,” said Charles Canfield, IFC Global Manager, Corporate Governance. “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.”

The initiative includes the development of a jurisdictional roadmap for ISSB adoption, the design of ISSB-aligned regulatory frameworks, creation of implementation tools such as Board of Directors guidance, supervisory training for FSCA staff, and engagements with financial and corporate sectors.

This work builds on the broader strategic partnership between IFC and the IFRS Foundation, announced last year during London Climate Action Week. That partnership is focused on accelerating the adoption of the IFRS Sustainability Disclosure Standards across emerging markets and developing economies (EMDEs).

Through Beyond the Balance Sheet, IFC supports regulators, companies, and stock exchanges in enhancing sustainability and climate-related reporting, promoting transparency, and building investor confidence in EMDEs.

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  1. Currency value: According to the Economist’s BIG MAC Index of 2016, South Africa ranks 5th in the undervaluation of its currency with a 55% under evaluation against the US$. This is great for those wanting to enter the export market!