Muscat: In line with its efforts to develop sustainability standards in the non-banking financial sector, the Financial Services Authority (FSA) hosted a specialised workshop on the International Sustainability Reporting Standards IFRS S1 and IFRS S2, in cooperation with the Green Finance Centre of the Astana International Financial Centre (AIFC). The initiative reflects the importance of strengthening international cooperation in the fields of sustainability and green finance.
The workshop was held as part of the activation of the roadmap and the memorandum of understanding (MoU) signed with the Astana Financial Services Authority in the Republic of Kazakhstan, which aims to exchange expertise and information and enhance areas of joint cooperation between the two authorities in areas of mutual interest, thereby contributing to the development of regulatory frameworks and the enhancement of efficiency and transparency in financial markets.
The workshop aimed to provide participants with comprehensive knowledge of IFRS S1 and IFRS S2, their implementation mechanisms, and their integration with relevant global frameworks. It was delivered by specialised trainers from the Green Finance Centre, with the participation of representatives from relevant entities in the Sultanate of Oman. This contributes to enhancing institutional readiness, particularly within the non-banking financial sector, to adopt these standards in line with international best practices, and in a manner consistent with the goals of Oman Vision 2040 in promoting financial sustainability and the transition towards a green economy.
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The workshop included an in-depth review of sustainability- and climate-related disclosure standards, alongside discussions on the practical challenges associated with their implementation. This was conducted through specialised working papers aimed at strengthening participants’ practical understanding and enabling them to apply these standards in both financial and non-financial disclosures, thereby enhancing transparency and supporting the sustainability of financial markets.
It is worth noting that the workshop forms part of the activation of the MoU signed with the Financial Services Authority at the Astana International Financial Centre in the Republic of Kazakhstan in June 2023.
