Stock exchanges join global finance community in race to zero at COP26
3 November 2021
UN SSE actively supports exchangesWorking under the auspices of Mark Carney, the SSE launched two tools for exchanges earlier this year: the SSE’s Model Guidance on Climate Disclosure and the Action Plan to Make Markets Climate Resilient: How stock exchanges can integrate the TCFD recommendations. In addition, the SSE has launched a global training programme on climate disclosure in partnership with the International Finance Corporation (IFC) and the Carbon Disclosure Standards Board (CDSB), with support from Bloomberg Philanthropies and SSE member exchanges. Mary Porter Peschka, Director, Sustainability and Gender Solutions, IFC said: “IFC recognizes the fundamental importance of high-quality climate disclosure as a key tool in the global race to net-zero. Stock exchanges are uniquely positioned to advance climate disclosure and educate issuers on climate-related opportunities in their markets. To further assist markets in their journey towards high-quality climate data and resilience, we are pleased to be working with the UN SSE, CDSB, and stock exchanges around the world to be delivering training on TCFD aligned reporting.” Mardi McBrien, Managing Director, Climate Disclosure Standards Board, said: “Stock exchanges and their market participants are a crucial part of the puzzle in finding the trillions needed to support the transition to net zero. The conversation now needs to be about action and the pace needed to get there. The race to reach net zero emissions is essential to ensure orderly, resilient and thriving markets and missing this target is not an option. Stock exchanges are at the heart of the market – they are essential to support issuers and investors in this transition. We are delighted to have partnered with the SSE, IFC and stock exchanges across the world to deliver training on climate risk reporting. This free training can help set markets on the right trajectory to embedding climate-related performance into issuer and investor decision-making.” Regardless of their unique market circumstances domestically, all stock exchanges are encouraged to act now to prepare for changing trends in investment strategies, policy and regulation and legal and reputational risks. The key trends shaping this work are discussed in greater detail in the SSE’s Model Guidance on Climate Disclosure. For further information on what net zero commitments mean for exchanges, download the new SSE Policy Brief on the Net Zero Movement. If your exchange would like to join this new net zero alliance, please contact the SSE secretariat (firstname.lastname@example.org) and we’ll guide you through the process. The full text for the Commitment to the Net Zero Financial Services Providers Alliance can be found here, including the supplemental text that provides interpretative guidance.
About the SSE
The SSE initiative is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, UNEP FI and the PRI. The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals. The SSE seeks to achieve this mission through an integrated programme of conducting evidence-based policy analysis, facilitating a network and forum for multi-stakeholder consensus-building, and providing technical assistance and advisory services.