World Federation of Exchanges (WFE) officials are using the COP28 United Nations climate summit in Dubai as a way to mobilize the exchange industry to bring attention to climate change and sustainability issues and to focus on how exchanges can help channel investments and financing to green initiatives.
The WFE is a global industry group representing exchanges and central counterparty clearinghouses (CCPs).
At COP28, which will run from November 30 to December 12, the WFE is “convening stakeholders at COP28 … where we will discuss the way forward,” officials say.
The WFE, hosted by Dubai Financial Market at Nasdaq Dubai, will hold its COP28 event on December 5 to bring together regulators, investors, and academics for panel discussions and keynote speeches, officials say. The discussions “will include the WFE’s Green Equities Principles, Voluntary Carbon Markets (VCMs) and the Just Transition, tying into the Just Transition Day at COP28.”
In addition, the WFE will kick off its inaugural “Ring the Bell for Climate” initiative, which will involve “a global network of exchanges around the world” that will show “their support for this cause by ringing the bell for climate,” according to the WFE announcement. “Some exchanges are also holding virtual bell ringing ceremonies, workshops, and events this week to highlight new plans and targets for their own businesses.”
“By ringing the bell, exchanges acknowledge their central role in addressing the climate crisis and advancing sustainability efforts. As climate change continues to be a pressing global issue, the involvement of financial markets, and the exchanges at their heart, is crucial in driving the transition to a more sustainable and environmentally friendly economy,” says Nandini Sukumar, CEO of the WFE, in a prepared statement.
“Initiatives like Ring the Bell for Climate can serve as a catalyst for further collaboration and action within the financial industry to tackle climate challenges and contribute to a greener future,” Sukumar says.
“As the world grapples with the climate crisis, exchanges sit at the core of the financial market, playing a vital role in creating the vehicles for capital to be deployed into sustainable development. Without the appropriate financing in place, the green transition cannot take place,” according to the WFE. “Exchanges are taking pivotal steps to support the channeling of investments and financing into green initiatives, such as the agreement of the WFE Green Equity Principles, a global framework that individual exchanges can use to establish a ‘green’ offering for listed equities.”
The WFE reports that many exchanges will participate in the Ring the Bell for Climate 2023 initiative including:
- Abu Dhabi Securities Exchange (ADX)
- B3 – Brasil Bolsa Balcão
- Bahrain Bourse
- Baku Stock Exchange
- Bolsa Mexicana de Valores
- Bourse Régionale des Valeurs Mobilières S.A.
- Bursa Malaysia
- Cboe Global Markets
- Chittagong Stock Exchange
- Colombo Stock Exchange
- The Egyptian Exchange
- FMDQ Group PLC
- Ghana Stock Exchange
- Johannesburg Stock Exchange
- Latin American Stock Exchange — Latinex
- Malta Stock Exchange
- National Exchange of India Ltd.
- Nigerian Exchange Group
- The Philippine Stock Exchange, Inc.
- Qatar Stock Exchange
- The Stock Exchange of Thailand
- Taipei Exchange
- Taiwan Futures Exchange
- Toronto Stock Exchange
The London-based WFE represents more than 250 market infrastructure providers, including standalone CCPs not part of exchange groups.
More about the initiative can be found here: https://bit.ly/46Jg4M8
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