Kyrgyzstan initiated the Eurasian Regional Partnership on Sustainability Reporting and Sustainable Development Goals (SDGs) within the 40th Session of the Intergovernmental Working Group on International Standards of Accounting and Reporting (ISAR) under the UN. The main reason for the initiative was the country's active participation in the implementation of UNCTAD's projects on sustainable development, which has highlighted the need to unite the efforts of the countries of the Eurasian region to discuss challenges and find solutions in this area.

Kyrgyzstan recognised the importance of creating a common platform for sharing experiences and forming a unified regional voice internationally.

The initiative was supported by the Eurasian region' countries.

"The first countries to support Kyrgyzstan's initiative were the Russian Federation and the Republic of Belarus. These countries expressed their readiness to work together to develop sustainability and improve reporting systems in the region, which was recorded at the ISAR plenary session,’  Marat Pirnazarov, the head of FinNadzor, told Akchabar.

According to him, the main problems of sustainable development in the Eurasian region are related to the different levels of readiness of countries to build national infrastructure for reporting in this area.

"Our countries are at different stages of implementing standards, which makes it difficult to harmonise approaches and methods. The partnership will contribute to the reporting standards' harmonisation, which will help us build more effective systems for disclosing information on sustainable development and attract investment in green and social projects,’ Pirnazarov added.

The Eurasian Regional Partnership, in the head of FinNadzor's opinion, will assist member countries by sharing experiences, providing methodological and advisory support, as well as developing documents and recommendations to improve national reporting systems.

"Kyrgyzstan has already undergone an assessment of its sustainability reporting systems and is ready to share its experiences with other states. The partnership will also promote harmonisation of approaches in the region, which will help countries meet international standards,’ he explained.

The main objectives of the partnership for the coming years will be to expand the number of members and observers, develop a common reporting methodology, improve national systems and attract investment in sustainable projects.

Progress will be measured based on the number of participating countries' increase, the level of standards implementation and the amount of investment attracted in sustainable development projects.