The Inter-American Development Bank (IDB), IDB Invest, and the IFRS Foundation have formalized a strategic partnership to promote the adoption and implementation of the IFRS Sustainability Disclosure Standards across Latin America and the Caribbean.
The agreement has the goal to accelerate the adoption of these standards in the countries of the region and guide the private sector in the implementation process. It launches an action plan with tools that include knowledge sharing, capacity building, and policy engagement.
The IFRS Sustainability Disclosure Standards – developed by the International Sustainability Standards Board (ISSB) – provide a global baseline for the disclosure of sustainability-related risks and opportunities for capital markets, focusing on investor needs.
“The IFRS standards help issuers, investors and regulators make informed decisions and align incentives. Transparency builds trust. This partnership is about accelerating the adoption process across the region and help in its implementation,” said IDB President Ilan Goldfajn.
“Public authorities across Latin America and the Caribbean have signaled their belief that IFRS Sustainability Disclosure Standards can help strengthen capital markets, enhancing transparency and understanding around sustainability-related risks and opportunities. Our partnership with the Inter-American Development Bank Group, will deliver to these markets critical support to benefit from the full potential of effective sustainability-related disclosure in the region,” said IFRS Foundation Managing Director Michel Madelain.
The partnership, formalized through a Memorandum of Understanding, comes at a pivotal moment of growing momentum around the adoption of the IFRS Sustainability Disclosure Standards in Latin America and the Caribbean. It focuses on three areas:
• Knowledge Sharing: Developing a policy paper on the benefits of adoption, piloting a self-assessment tool for private banks, and producing a regional case study.
• Capacity Building: Supporting regulators through the IDB and private institutions through IDB Invest to strengthen sustainability and climate-related risk disclosures.
• Advocacy and Policy Engagement: Providing targeted technical assistance and policy dialogue to help countries adopt and implement the IFRS Sustainability Disclosure Standards.
Through this collaboration, the IDB, IDB Invest, and the IFRS Foundation will work with public and private stakeholders to build capacity, address local needs, and promote regulatory alignment. The IDB is also aligning its own disclosures with IFRS Standards through a multi-year roadmap.
About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website www.idbinvest.org/en
About IFRS Foundation
The IFRS Foundation is a not-for-profit organisation created to serve the public interest by developing globally accepted accounting and sustainability disclosure standards for general purpose financial reporting that meet the needs of investors and other capital market participants for reliable, transparent and comparable information to make economic decisions.
Standards are developed by the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The boards are overseen by the IFRS Foundation Trustees, who in turn are accountable to the IFRS Foundation Monitoring Board of public authorities with responsibility for corporate reporting. The governance arrangements are set out in the IFRS Foundation Constitution.
IFRS Accounting Standards, set by the IASB, are required in more than 140 jurisdictions around the world, and 30 jurisdictions are making progress towards introducing IFRS Sustainability Disclosure Standards, set by the ISSB, in their legal or regulatory frameworks.
For detailed information about our organisation, visit www.ifrs.org
The IFRS Foundation has trademarks registered around the world, including ‘FSA®’, ‘IASB®’, ‘IFRS®’, ‘International Financial Reporting Standards®’, ‘ISSB®’, and ‘SASB®’