Mandatory ESG reporting in banking sector of Kazakhstan to be introduced in 2024
Mandatory ESG reporting in banking sector of Kazakhstan to be introduced in 2024
AIFC Green Finance Centre
14 June 2023 13:49:29

As part of the green growth track during Astana Finance Days, a panel discussion "The Future of ESG Reporting" was held on June 7, 2023, assisted by the regional office of the Green Investment Principles for BRI (GIP), of the latest trends in key international ESG reporting standards and the timeframes for mandatory ESG disclosures in Kazakhstan. 


The session focused on the developments and practical requirements in the leading global standards for general sustainability and climate disclosures, as well as on the plans of the national financial regulator to implement ESG principles in the financial sector of Kazakhstan. The Regional office of GIP in Central Asia played a central role in organizing the discussion of ESG reporting as an important tool for transparency, effective risk management and investment attraction, involving representatives of the key standard-setting organizations (general standards and climate disclosure standards of ISSB IFRS (S1 and S2), and TCFD). 


Ravi Abeywardana, Technical Director of the International Standards Board for Sustainable Development (ISSB) under the IFRS Foundation, disclosed that as early as this month - by June 27 - ISSB will approve the IFRS General Requirements for Disclosure of Sustainability-related Financial Information Standard and the Climate-related Disclosures Standard. Despite their voluntary status, the implementation of these standards in national jurisdictions in the medium term, according to the participants in the discussion, is a matter of time.   


Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market Maria Khadzhieva, while sharing the regulator’s plans to implement ESG principles in the financial sector, announced the adoption of the ESG Disclosure Guidelines for banks and financial organizations, which will become mandatory from January 1, 2024. Earlier this year, in March, the Agency adopted and is currently implementing a Roadmap for the implementation of ESG principles in the financial market of Kazakhstan.


Yaseen Anwar, Chairman of the Regional Chapter of GIP in Central Asia, chime in by expressing his full support of the approach: “I applaud these measures by Kazakhstan’s financial regulator. As a former Governor of the Central Bank of Pakistan directly involved in establishing sustainable banking in Pakistan, I can attest to the importance of the financial regulators in encouraging the flow of capital towards sustainable investments by enforcing standardised ESG reporting requirements to enable meaningful comparisons and risk assessment across organisations, while intensifying their focus on climate-related systemic risks and providing necessary guidance and practical tools for the regulated community”. 



The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus.

AIFC Green Finance Centre Ltd. is a private company established under the existing law of Astana International Financial Centre, established to introduce green financial instruments in Kazakhstan and Central Asia, promote AIFC as a green financial centre, and attract green investments to Kazakhstan. More information about the company is available at the corporate internet resource

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