In an era of rapid climate change and growing environmental issues, organizations across the globe are gradually shifting towards becoming ESG compliant, ensuring sustainable, ethical, and responsible practices and zero carbon footprint. Organizations are now prioritizing decarbonization, resource efficiency, and transparent ESG reporting, which is creating opportunities for consultancy firms to lead transformative journeys. The market for sustainability consulting services is witnessing unprecedented growth, driven by global imperatives for ESG compliance, investor expectations, and stringent regulatory frameworks. In the GCC, initiatives such as Saudi Arabia's Vision 2030 and the UAE’s Net Zero by 2050 strategy are pivotal in shaping demand for sustainability services.
Started by Qasim Virk and Osman Masood, IFRS Lab is a Dubai-based leading business consulting service provider that adopts a holistic and client-centric approach to sustainability. The firm offers a wide range of solutions, including materiality assessments, carbon footprint analysis, customized ESG strategy development, and much more that empower businesses of all sizes to navigate the evolving landscape of sustainability and financial reporting. The firm also offers tailored solutions that integrate advanced data analytics and cutting-edge sustainability tools, ensuring that each solution is actionable, measurable, and aligned with its client’s strategic objectives.
Offering Tailored Solutions to Clients
Coming to the service portfolio, while IFRS Lab has been dedicated to offering a wide range of sustainability consulting services, the clients increasingly demand services that ensure compliance with evolving IFRS standards, ESG disclosures, and energy efficiency initiatives. Some of the most
sought after solutions offered by the firm are sustainability-linked financial reporting, green financing consultancy, and energy audits. A major USP of the firm lies in its ability to offer tailored solutions to its clients. The firm's energy audits begin with a comprehensive analysis of the client’s operations, identifying inefficiencies and benchmarking performance against industry standards. The firm uses advanced tools to map energy flows, evaluate equipment performance, and assess renewable energy integration potential. The resulting solutions are pragmatic and tailored.
Integrating Sustainability with Financial Expertise
What makes IFRS Lab stand out from the rest in the market is the firm’s integration of sustainability with financial expertise. According to Osman Masood, Co-Founder & Managing Partner, IFRS Lab, “While most firms focus on ESG or financial reporting, we seamlessly bridge the gap between the two. Leveraging our partnership with leading technology providers like ESGEO and a strong foundation in IFRS standards, we offer comprehensive solutions that simplify compliance while driving value creation”. “Additionally, our UAE base and strong regional connections position us to provide nuanced, culturally, and economically relevant insights to clients across the GCC”, he adds.
IFRS Lab also strongly believes in fostering an environment for continuous learning and collaboration. The team undergoes regular training and certifications on emerging standards, including ISSB, TCFD, and GRI. Furthermore, the firm also engages with international networks and standard-setting bodies to anticipate shifts in global frameworks. Apart from that, the proprietary methodologies offered by the firm are designed to adapt quickly, ensuring that clients remain compliant while gaining a strategic advantage.
What makes IFRS Lab stand out from the rest in the market is the firm’s integration of sustainability with financial expertise
Accomplishments & Future Roadmap
Starting its journey in 2022, IFRS Lab, within a short span of two years, has come a long way in terms of overall growth as well as client experience. One of its recent success stories involved helping out a regional manufacturing client struggling with fragmented ESG reporting. “Our intervention included streamlining their data collection, aligning their reporting framework with GRI standards, and integrating automated reporting software. The result was a 40 percent reduction in reporting time, improved accuracy, and enhanced investor confidence, ultimately leading to successful green bond issuance”, shares Osman.
Coming to the future roadmap of the firm, Osman is incredibly optimistic about the convergence of sustainability and financial reporting in the future. “The future is digital and integrated. Technology will play a pivotal role in providing data-driven insights and scalable solutions. Consultants will increasingly adopt AIdriven platforms to predict trends, measure impact, and provide actionable recommendations. The convergence of sustainability and financial reporting will drive greater transparency, while energy efficiency solutions will move towards more innovative, client-specific applications like IoT-enabled smart grids and renewable microgrids”, he signs off.
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