On 4 May 2026, the Cabinet of Ministers of the Republic of Uzbekistan adopted Resolution No. 221 on the phased introduction of the International Financial Reporting Standards for sustainability-related disclosures — IFRS Sustainability Disclosure Standards (IFRS SDS / IFRS S1 and S2) for state-owned companies in the UzAssets portfolio.
The document lays the foundation for a unified approach to ESG reporting and sustainability management in Uzbekistan’s public sector. The Resolution provides for the introduction of international ESG disclosure practices and the integration of environmental, social and corporate risk management at the level of companies’ boards of directors and senior management.
Under the Resolution, companies will gradually transition to reporting in accordance with the international ISSB standards (IFRS S1 and IFRS S2), including disclosures on climate risks, ESG strategy, corporate governance, internal control systems and sustainability management approaches.
Particular attention is given to:
- managing climate and ESG risks;
- disclosing Scope 1, Scope 2 and Scope 3 greenhouse gas emissions;
- conducting a Double Materiality Assessment;
- introducing internal controls over ESG data;
- external assurance of ESG reporting.
The Resolution also provides for the development of roadmaps for state-owned enterprises, specialist training and the introduction of sustainable corporate governance practices in line with international requirements. The annexes to the document set out the stages for different state-owned companies to transition to ESG reporting and IFRS SDS standards.
This step demonstrates that ESG and sustainable development are becoming part of the strategic management of Uzbekistan’s economy. For businesses, this means stricter requirements for transparency, risk management, the quality of non-financial reporting, and compliance with the international requirements of investors, banks and international financial institutions.
For companies, the introduction of IFRS SDS creates opportunities to:
- increase investment attractiveness;
- gain access to international financing;
- prepare for export-market requirements;
- integrate ESG factors into strategic management;
- increase business resilience to climate and market risks.
The HPBS team supports companies in preparing ESG reports, implementing international IFRS SDS standards, assessing climate risks, calculating greenhouse gas emissions and developing ESG strategies in accordance with the requirements of international financial institutions and global sustainability standards.
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