On 19 April, the Green Finance & Energy Centre, Bulgaria’s first green think-tank co-organised a high-level forum on policies and practices to stimulate green investment in business together with the Bulgarian Stock Exchange (BSE) and the Bulgarian Ministry of Finance. The hybrid event was held in person with online access and simultaneous interpretation available to remote participants.
The Accelerate Green forum was attended by high-level domestic and international policymakers and experts, including Asen Vassilev, Deputy Prime Minister and Minister of Finance and Borislav Sandov, Deputy Prime Minister and Minister of Environment and Water and Lilyana Pavlova, Vice President of the European Investment Bank.
At the forum, the Centre presented the adopted Guidelines for Accounting for Environmental Development, Social Responsibility and Good Corporate Governance, which encourage companies to implement ESG practices. The BSE presented the opportunity to measure and report on ESG through the Oxygen initiative. This will be the basis for the creation of a Green Stock Exchange Index, which is expected to begin to be calculated by the end of the year. Thus, along with the approved National Plan for Recovery and Sustainability, the capital market is emerging as another major source of funding for the green transformation of our economy.
Providing an insight into global ESG disclosure practices, Lisa Remke, Deputy Coordinator of the UN SSE, shared with the more than 300 representatives of the private and public sector, NGOs and academia how increased transparency in public markets can help accelerate green finance and what exchanges can do to assist listed companies in their ESG disclosure practices. Due to their central position within the capital market system, stock exchanges have an important voice in their local economies. Through their educational initiatives, disclosure guidance/requirements and leadership role in the market, exchanges have a significant role to play in advancing ESG-aligned business practices in their markets.
“The start of the green transformation is a fact and the process is irreversible... We believe that the time has come for all stakeholders to act together - to define and transfer policies and follow the best global practices for sustainable development of Bulgaria.”, said Assoc. Prof. Manyu Moravenov, Chairperson of the Centre and CEO of BSE.
The event had the participation of Assoc. Prof. Manyu Moravenov, Chair of the Green Finance and Energy Centre; Sasha Bezuhanova, Founder of MOVE.BG and initiator of Green Restart Coalition; Borislav Sandov, Deputy Prime Minister and Minister of Environment and Water Republic of Bulgaria. Screen: Lisa Remke, Deputy Coordinator, UN SSE.
