The Colombo Stock Exchange (CSE) made a significant stride in global climate action by participating in its inaugural Market Opening Bell Ringing Ceremony for Climate Change on December 5, 2023, at the trading floor of the CSE.
Ms. Azusa Kubota, Resident Representative of UNDP Sri Lanka, delivered the keynote address, emphasizing the symbolic importance of ringing the bell as an urgent alarm for climate change awareness. She highlighted the severity of climate issues, stating that Sri Lanka is among the top 10 most climate-vulnerable countries, experiencing an annual average of US$313 million in disaster losses.
Expressing enthusiasm about the collaboration, Ms. Kubota announced an upcoming partnership with the CSE, aiming to leverage the Sri Lankan capital market for sustainable development, incorporating sustainability into the private sector’s business strategies, and promoting innovative and sustainable finance products and tools.
Mr. Dilshan Wirasekera, Chairman of the Colombo Stock Exchange, underscored the global impact of climate change and the need for collective efforts to address its consequences. He highlighted the CSE’s initiatives to encourage listed entities to adopt sustainable practices, including the introduction of a new product suite featuring green and blue bonds. Wirasekera invited representatives, both listed and unlisted, to attract capital flows towards compliant investments, contributing not only to climate change mitigation but also to the overall economy.
In a message marking the occasion, Ms. Nandini Sukumar, Chief Executive of the World Federation of Exchanges (WFE), emphasized the crucial role of financial markets, particularly exchanges, in addressing the climate crisis and advancing sustainability efforts.
Rajeeva Bandaranaike, Chief Executive Officer of the CSE, expressed pride in the exchange’s early participation in the Climate Change Initiative, aligning with events and workshops alongside COP28 in Dubai. He emphasized the vital role of stock exchanges in providing necessary capital flows for sustainable developments and highlighted the global framework introduced by WFE through the Green Equity Principals.
Bandaranaike further outlined the CSE’s efforts in digitization, sustainable reporting, and the upcoming launch of the S&P co-branded ESG Index in January 2024 to attract sustainable investments. The ceremony was attended by representatives from listed and unlisted companies and audit firms.
