Kigali, February 19, 2025

The Steering Committee on IFRS Sustainability Standards Adoption (ISSBSC) in Rwanda, chaired by the Institute of Certified Public Accountants of Rwanda (ICPAR), is pleased to announce the commencement of the public consultation process on the Draft IFRS Sustainability Disclosure Standards Adoption Roadmap. The consultation period will run from February 19 to March 19, 2025, providing a critical opportunity for stakeholders to contribute to shaping the future of sustainability reporting in Rwanda.

The Draft Roadmap outlines a structured, phased approach for corporate entities in Rwanda to implement IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2), aligning Rwanda’s financial reporting framework with global best practices. The standards, issued by the International Sustainability Standards Board (ISSB) in June 2023, provide a comprehensive framework for disclosing sustainability-related financial information, ensuring transparency and accountability in corporate reporting.

Rwanda is not alone in its commitment to adopting IFRS Sustainability Disclosure Standards. The country joins a growing global movement, with jurisdictions representing 60% of global GDP and greenhouse gas (GHG) emissions, and 40% of global market capitalisation having either adopted or actively moving towards adoption of these standards. Many of Rwanda’s neighbouring countries are also on a similar trajectory, reinforcing the region’s collective commitment to high-quality sustainability disclosures. By aligning with these international efforts, Rwanda strengthens its competitive positioning in the global marketplace and ensures its corporate sector remains in step with evolving international regulatory expectations.

Importance of the Consultation Process

The adoption of IFRS Sustainability Disclosure Standards represents a significant step in Rwanda’s journey towards enhanced corporate sustainability, climate risk management, and economic resilience. By fostering greater transparency in sustainability-related financial disclosures, these standards will:

Enhance investor confidence by ensuring reliable and comparable sustainability disclosures;

Improve access to capital for businesses committed to sustainable finance practices;

Align Rwanda’s corporate sector with global regulatory and market expectations;

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Support national climate objectives by providing structured reporting on environmental risks and opportunities; and

Strengthen Rwanda’s position as a regional leader in sustainability and responsible investment.

As part of this initiative, the ISSBSC invites professionals from the accounting, finance, business, and regulatory sectors—as well as civil society, academia, and other interested stakeholders—to engage in this consultation process.

Invitation to Participate

The consultation process kick-started with a stakeholder workshop hosted by ICPAR on 19 February 2025 in Kigali. This event provided an overview of the draft roadmap, highlighted key implementation milestones, and discussed the expected impact on Rwandan businesses and financial institutions.

The Draft IFRS Sustainability Disclosure Standards Adoption Roadmap presents targeted questions to stakeholders, covering key areas such as:

The phased approach to adoption;

The scope and timeline for implementation;

Alignment with Rwanda’s national sustainability priorities;

Challenges in data availability and assurance mechanisms;

Capacity-building and technical assistance needs.

How to Participate

Stakeholders can submit their feedback on the draft roadmap via email to 'issbsc@icparwanda.com' by March 19, 2025. The draft roadmap and consultation questions can be accessed via https://icparwanda.com/public-consultation/. Comments provided after March 19 will not be considered.

Following the consultation period, the ISSBSC will review stakeholder input and refine the roadmap before its final adoption. A formal feedback statement summarising stakeholder comments and responses will be published as part of the finalization process. Stakeholder responses will be anonymised.

A Call to Action

The ISSBSC strongly encourages professionals in the accounting and finance sectors, business leaders, regulators, sustainability practitioners and all other interested stakeholders to engage in this consultation actively. Implementing IFRS Sustainability Disclosure Standards in Rwanda is a pivotal development that will shape corporate reporting and financial decision-making for years to come.

By participating in this process, stakeholders contribute to Rwanda’s leadership in sustainable finance, ensuring that businesses operate with greater transparency, resilience, and alignment with global market expectations.

Support from International Development Partners

The ISSBSC’s efforts towards adopting the ISSB Standards have been supported by Germany’s technical assistance agency GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), co-funded by the European Union as part of the Sustainable Finance Advisory Hub and the Global Gateway Initiative. GIZ has provided technical expertise and strategic guidance to help the ISSBC design the adoption roadmap for Rwanda. The collaboration highlights the crucial role of international cooperation in advancing sustainable development and aligning Rwanda’s financial reporting system with global standards.