ShareKUWAIT: Reaffirming its strong commitment to sustainability, Boursa Kuwait joined over 30 stock exchanges worldwide in the second edition of the World Federation of Exchanges’ “Ring the Bell for Climate” initiative. Held in the lead-up to the 2024 United Nations Climate Change Conference (COP29), this global campaign highlights the critical importance of sustainability and climate issues in the financial sector while showcasing the vital role stock exchanges play in addressing these challenges.
To support the initiative, Boursa Kuwait organized a workshop in collaboration with the United Nations Development Program (UNDP) on Monday, November 25, 2024, at its premises, which focused on the United Nations Sustainable Development Goal (SDG) Impact Measurement and Management (IMM) cycle and featured an insightful presentation emphasizing the vital role of the private sector in addressing climate change.
The workshop brought together senior executives, sustainability officers, compliance managers, and investor relations professionals from listed companies. Participants were introduced to UNDP’s SDG IMM Cycle, rooted in the SDG Impact Standards, which advocates for a structured, SDG-aligned approach to measuring, managing, and communicating impact. The session emphasized moving beyond traditional ESG reporting by applying IMM principles to drive measurable progress toward net-zero targets and sustainable development goals.
Boursa Kuwait’s Head of Markets Noura Al-Abdulkareem hailed the workshop, saying: “Boursa Kuwait is committed to engaging in and supporting international sustainability and climate initiatives. This participation reflects our unwavering dedication to promoting sustainable practices within Kuwait’s capital market as we continually strive to adopt global standards and practices to create a more transparent, efficient and responsible investment environment.”
She added, “As the economic landscape evolves, we believe that mere compliance with ESG regulations is no longer sufficient. Companies must transition from a compliance-based approach, viewing impact measurement and management as a strategy and using it as a tool to meet growing regulatory demands and rising sustainability expectations. Adopting an impact measurement and management approach can help unlock new pathways for innovation, enhance access to capital, and achieve a sustainable, long-term competitive edge. I would like to thank UNDP for their valuable insights and look forward to continuing our collaboration in the future.”
During the workshop, UNDP Environmental Specialist Yulia Isaieva discussed the private sector’s pivotal role in mitigating climate change, introducing participants to the principles of Impact Measurement and Management (IMM) and explaining how tangible progress toward net-zero emissions can be achieved. She emphasized that the private sector plays an indispensable role in advancing the United Nations Sustainable Development Goals (SDGs) by integrating sustainable business practices into its core strategies, noting that companies have the power to drive transformative change within their industries and in the communities they serve.
“The private sector’s commitment is essential to bridging the gap in sustainable development goals—from bolstering climate action to promoting inclusive economic growth,” Isaieva said. “Businesses that embed sustainability into their operating models contribute to creating a better world while achieving long-term growth and resilience in an ever-changing environment.”
Impact Measurement and Management (IMM) is becoming a cornerstone for businesses that seek to create lasting value. By systematically measuring and managing their social and environmental impact, companies can go beyond traditional metrics, making tangible contributions to the Sustainable Development Goals while also identifying new avenues for growth. “IMM enables businesses to turn sustainability into a strategic advantage, fostering resilience, enhancing transparency, and building trust with stakeholders. I would like to thank Boursa Kuwait for organizing this workshop and look forward to more collaborations that enable us to create a more sustainable future for all,” said UNDP Business Development & Impact Management Analyst Mariana Sarmento.
The initiative forms part of Boursa Kuwait’s efforts to create a lasting meaningful impact on the community where it operates as part of its Corporate Sustainability strategy and ongoing efforts to equip all market participants with an in-depth understanding of the functioning of capital markets and various tools and techniques required to make informed investment decisions and effectively meet investors’ needs. It is also in line with Goal 4 – Quality Education – and Goal 17 – Partnership for the Goals - of the UN’s Sustainable Development Goals (SDGs).
Boursa Kuwait’s Corporate Sustainability strategy stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow Boursa Kuwait to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange.
As part of the strategy, Boursa Kuwait has launched many initiatives in partnership with local and international organizations, focusing on support for nongovernmental organizations and charity programs, financial literacy and capital market awareness, the empowerment of women, and environmental protection.
