The UN Development Programme (UNDP) has teamed up with the Global Reporting Initiative (GRI), GSG Impact, IFRS Foundation, and the International Organization for Standardization (ISO) to launch Sustainability Disclosure and Management Hubs (SDMHs) in 14 developing and emerging economies. This initiative aims to boost ESG standards and sustainability reporting through strategic collaboration. 

Set to launch in 2024, the SDMHs will be established in Latin America, the Caribbean, Africa, and Asia. These hubs are designed to enhance sustainability disclosure and management by aligning with national development priorities, offering stock exchange guidance, and fostering regulatory development. The collaboration with UNDP Financial Centres for Sustainability (FC4S) underscores a commitment to elevating sustainability practices globally. 

Building on the existing partnership with the IFRS Foundation’s International Sustainability Standards Board (ISSB), which began at COP27 in 2022, the UNDP will spearhead the SDMH initiative. This collaboration aims to facilitate the adoption of global sustainability standards, including IFRS S1 and S2, GRI Standards, and management standards from ISO and UNDP. 

Pilot projects will commence in six countries in 2024, with an expansion to eight more by 2025. These projects will support capacity building, align with national development priorities, and foster regulatory development. 

The SDMHs will benefit from the combined expertise and resources of their global partners. Peter Paul van de Wijs, GRI’s Chief External Affairs Officer, remarked, “We are proud to be part of this initiative from UNDP… to increase transparency, support sustainable development, and help companies remain competitive.” 

Sergio Mujica, ISO Secretary General, emphasized, “Our standards are more powerful together. By demonstrating the connection and interoperability between them, we will be building capacity in countries… to more effectively manage sustainability disclosures.” 

Nick Hurd, Chair of GSG Impact, added, “We expect this to build on… our ongoing efforts to ensure adequate levels of inclusivity from key stakeholders in emerging economies in global sustainability disclosure standard-setting efforts.” 

By leveraging global expertise, the SDMHs will enhance outreach, communication, and resource-sharing, ensuring the success of this significant initiative. This collaboration marks a pivotal step in advancing ESG and sustainability standards, fostering a more sustainable future for developing and emerging economies. 

Sources: 

https://esgnews.com/undp-partners-with-gri-gsg-impact-ifrs-foundation-and-iso-to-establish-sustainability-disclosure-and-management-hubs/ 

https://fc4s.org/undp-partners-with-gri-gsg-impact-ifrs-foundation-and-iso-to-establish-sustainability-disclosure-and-management-hubs/