COP 28: Sustainability disclosures are pivotal in driving climate action 

December 17, 2023

Leading global organisations – ACCA, IOSCO, IFAC and ISSB – call for action to meet market demands for climate-related reporting disclosures at COP 28. 

At COP28, four leading global bodies have called for concerted action to ensure sustainability reporting can help provide better information for those driving climate action across the business world. They underlined the potential and importance of a global approach to sustainability reporting standards in enabling decision-making, as well to channel more equitable investment.

With the introduction of international sustainability standards from the ISSB – coming into effect in 2024 and providing a widely supported reporting baseline – global bodies called for a focus on achieving adoption across the world through the development of skills, capacity and the sharing of knowledge.

Panellists at Sustainability disclosures driving climate action representing the Association of Chartered Certified Accountants (ACCA), the International Organization of Securities Commissions (IOSCO), the International Federation of Accountants (IFAC) and the International Sustainability Standards Board (ISSB) highlighted the importance of this approach in meeting the demands of capital markets.

The event also heard of the importance of: ensuring sustainability corporate reporting avoids green washing; having maximum harmony between international and national standards; and building capacity so preparers and users of reporting have the skills and the knowledge required.

The accountancy profession has a critical role to play in climate action, both to lead long-term value creation within sustainable economies, and to champion responsible practices in the public interest.

At the event in the ICC Pavilion in the Blue Zone, on Monday 4 December, Helen Brand, Chief Executive, ACCA, said: “Consistent and comparable sustainability reporting will drive change and unlock new opportunities, not only for businesses, but for the investor community and other stakeholders. The accountancy profession has a central role in harnessing these new standards to drive positive action to combat climate change, to help create a better, more sustainable world.”

Since 2019, IFAC has been working diligently to advocate for international sustainability standards, including calling for the formation of the ISSB.

Asmaa Resmouki, President of IFAC, said: “On behalf of my colleagues at IFAC, we are delighted to be able to leverage our significant convening power to bring together the most important stakeholders – including especially the global accountancy profession – to help drive demonstrable climate action. We will continue our support of the development, adoption and implementation of the ISSB’s standards by professional accountants globally, and we welcome the role and responsibility that professional accountants have in this endeavour.”

Participation in COP28 is part of a broader effort from the global accountancy profession to engage with the United Nations. IFAC is an official observer organization to the United Nations Framework Convention on Climate Change (UNFCCC).

Pointe d’Esny Le Village

Preserving wetlands through sustainable rainwater management

More than a real estate project, Pointe d’Esny Le Village has chosen to tackle the challenge of adapting to climate change. Led by the Beau Vallon Group (GBV), Pointe d’Esny Le Village demonstrates how the SUNREF Maurice program, the 85-million-euro green credit line – equivalent to over Rs4 billion – deployed by the French Development Agency (AFD), contributes to increasing the country’s resilience in the face of the climate emergency.

Through the credit line granted to MCB by SUNREF Maurice, GBV has invested in adapted and innovative technology to increase the resilience of its activities in an uncertain ecological context. To better understand the positive impact of this investment, a field visit to Pointe d’Esny Le Village took place this week in the presence of representatives from SUNREF Maurice’s partner organizations: namely the Embassy of France, the AFD, the European Union Delegation, MCB, and Business Mauritius.

For Laëtitia Habchi, the Director of AFD Maurice, the economic and ecological repercussions resulting from SUNREF since its launch in 2008 are remarkable: “After almost 15 years of experience sharing, AFD is delighted to see that the SUNREF program propels the banking sector towards more virtuous practices in sustainable finance and helps set standards for banks in selecting green projects. The Pointe d’Esny Le Village project is a perfect example of successful collaboration to address the challenges of climate change adaptation in Mauritius.”

For this development project that will include residential and commercial spaces, and whose first phase is expected to occupy an area of ​​70 hectares in the southeast of the island, the management of rainwater is simply a necessity. It is located in the heart of a coastal wetland system covering 12 hectares. This valuable ecosystem, designated as an Environmentally Sensitive Area (ESA) by the government, regulates the flow of water between the lagoon and the coast.

In order to minimize its impact on the wetlands located on its land, which until recently was under sugarcane cultivation, and to ensure that they can continue to function optimally, GBV is focusing on the installation of a Triton system. This technology, financed under the Adaptation component of SUNREF Maurice, revolves around a network of retention basins that allow the capture and filtration of rainwater, and the slow percolation of this water towards the wetlands.