Ayhan Mustafa Bhutto, Special Secretary for Climate Change and Coastal Development, Government of Sindh, has called on Pakistani businesses and banks to enhance their Environmental, Social, and Governance (ESG) reporting capabilities to access better business opportunities.
During a workshop held at a local hotel titled “Navigating ESG Reporting: Aligning with IFRS S1 and S2 Standards,” Mr. Bhutto emphasized that local institutions are currently missing out on financial opportunities that are being leveraged by international companies. The event, organized by the Indus Consortium, gathered key players from the banking and financial industry to discuss the integration of ESG frameworks, focusing on the newly published IFRS S1 and S2 guidelines from the International Sustainability Standards Board (ISSB).
Mr. Bhutto highlighted the critical need for aligning ESG practices with international standards to ensure sustainable economic growth and mitigate climate changerelated financial risks. He noted that Sindh is particularly vulnerable to the effects of climate change, necessitating strong public and private sector collaboration for climate resilience.
Additionally, Ms. Zohra Sarwar Khan, Joint Director of the Securities Exchange Commission of Pakistan (SECP), underscored the significant role of ESG reporting in enhancing corporate accountability and attracting sustainable investments to Pakistan. She explained that the SECP is actively promoting alignment with international sustainability reporting frameworks as part of broader efforts to enhance transparency and responsible investment.
Mr. Hussain Jarwar, CEO of Indus Consortium, remarked on the impact of financing, stressing that banks must improve their environmental and social disclosures to ensure sustainability. Mr. Rashid Azeem from UBL detailed the requirements of IFRS S1 and S2, emphasizing their role as a global foundation for ESG reporting and their importance in today’s business landscape.
The workshop saw participation from several financial institutions, including Sindh Bank Limited, UBL, Meezan Bank, and others, who supported the push for knowledgesharing and capacitybuilding to facilitate effective ESG implementation across Pakistan’s banking sector.