The Sustainable Stock Exchanges initiative (SSE) announced today that it is working with the London Stock Exchange Group (LSEG) and Mark Carney to launch a new workstream to support exchanges in providing guidance to issuers on climate disclosure.
SSE is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, UNEP FI and the PRI, with a mission to help enable multiple stakeholders, including investors, companies (issuers), regulators, and policymakers to enhance performance on ESG issues and encourage sustainable investment. One of the initiative’s key objectives has been aid exchanges in providing issuers with guidance to foster increased disclosure of ESG information.
Mark Carney is the UN Special Envoy for Climate Action and Finance, the UK Prime Minister’s Finance Adviser for COP26, and former Governor of the Banks of Canada and England. Earlier this month, Carney and David Schwimmer, CEO LSEG, sent an invitation letter for a proposed global coalition of Stock Exchanges that will commit to supporting climate disclosure, in line with the TCFD recommendations. Carney and Schwimmer wrote:
“Together stock exchanges can mobilise global capital markets to address climate change and support a sustainable transition; by coordinating action amongst corporate issuers and investors globally, and aligning with TCFD as the global framework, we can advance more rapidly towards net zero.
“We ask that you join us in partnering with the United Nations Sustainable Stock Exchanges initiative, which will create a workstream on TCFD model reporting guidance for issuers.”
According to SSE, the new workstream will assist stock exchanges in developing best practice reporting guidance for issuers to ensure globally consistent disclosures incorporating the recommendations from the FSB Task Force on Climate-Related Financial Disclosures (TCFD).
James Zhan, UNCTAD Director of Investment and Enterprise and Chair of the SSE Governing Board, said:
“We’re happy to be partnering with Mark Carney and David Schwimmer, CEO of London Stock Exchange Group, building on the success of our Model Guidance campaign. We encourage SSE Partner Exchanges and stakeholders to join this new SSE project on climate disclosure to help advance investment in sustainable development.”