The Ministry of Finance of the Republic of Kazakhstan has presented a National Roadmap for implementing sustainability disclosure standards (IFRS S1 and S2), providing for the gradual adaptation of businesses to unified international requirements.
The document notes that companies currently disclose information in different ways, using KASE, AIX, ARDFM recommendations, proprietary methodologies, and various international standards. As a result, ESG data remains incomparable, and assessing business sustainability, climate risks, and double materiality factors is challenging.
It is also noted that the global economy is gradually moving toward mandatory ESG and climate disclosure, and that for businesses this is becoming a prerequisite for access to investment, international financing, and global supply chains. Against this backdrop, Kazakhstan views the implementation of IFRS S1 and S2 as a means of improving economic transparency and risk management quality.
An analysis conducted showed that the current regulatory framework only partially meets international requirements. Key weaknesses identified include a lack of quantitative indicators, limited use of climate scenarios, weak disclosure of the financial impact of ESG factors and ESG opportunities for business. A significant portion of existing documents remains advisory in nature.
Large public companies in the financial, oil and gas, and energy sectors — where GRI, SASB, and TCFD approaches are already used — have been identified as the most prepared for the new requirements. A significant portion of non-public companies either do not yet publish ESG reports or use informal internal approaches.
Given the varying levels of market readiness, a phased transition has been proposed. From 2026, voluntary application of the climate standard S2 is proposed; from 2027, voluntary disclosure under S1 and S2, followed by a gradual mandatory transition for large public companies, national companies, and major financial institutions. A more flexible approach and transitional relief are foreseen for SMEs.
Key tasks include:
- preparation of the regulatory framework,
- training of market participants and regulators,
- creation of an online reporting platform,
- official translation of the standards into Kazakh and Russian.
To coordinate implementation, an interdepartmental Working Group is planned under the leadership of the Ministry of Finance of the Republic of Kazakhstan.
