CSE rings bell calling for ‘Action for Climate Change’
Sri Lanka on average experiences over Rs. 100 billion (USD 313 million) in annual disaster losses and more than half of the population is multidimensional vulnerable and lacks disaster preparedness.
“This means, that if a disaster hits, they have nothing to protect their livelihoods or assets with. They will fall right into the perpetual cycle of poverty.”
This was opened by UNDP Sri Lanka Resident Representative Azusa Kubota at the inaugural Market Opening Bell Ringing Ceremony for Climate Change at the Colombo Stock Exchange (CSE) where they joined with over 24 stock exchanges globally for a call to action for climate change.
Delivering the keynote address at this ceremony, she said that UNDP and Oxford University developed Sri Lanka’s first Multidimensional Vulnerability Index (MVI) this year, which illustrated these findings.
“Symbolically ringing the bell is very apt–not because it is the festive season, but these are times that we have to find every loud bell we can find, and ring it as an alarm bell to convey the message loud and clear.”
“As per the UN Secretary-General – the world is boiling- every year is the hottest year. Evident from all the discussions happening at COP28– Climate Change is the most pressing issue and Sri Lanka is one of the top 10 most climate vulnerable countries.”
“We at UNDP are truly excited about the upcoming partnership with the Colombo Stock Exchange.”
“We will continue to work together with partners to leverage the Sri Lankan capital market for sustainable development, enhancing its development activities in promoting the SDGs among the private sector in Sri Lanka, incorporating sustainability into the private sector’s business strategy and processes and promoting innovative and sustainable finance products and tools.”
Colombo Stock Exchange Chairman Dilshan Wirasekera, said, “Climate Change is one thing that is impacting humanity across geographic and it is the one thing that we all need to work together to eliminate or at least to reduce the impact.”
“This is an area of great concern as it has become a matter of life or death for the present and future generations.”
He further added that the CSE has been encouraging and driving an initiative for listed entities to adopt sustainable practices and has taken many initiatives on its own including the introduction of a new product suite to include green and blue bonds.
“We invite listed and unlisted representatives to take the opportunity to attract capital flows that are moving towards compliant investments globally- which will not only essentially help climate change but also the economy as a whole with much-needed capital inflows while assisting Sri Lanka to ultimately achieve net zero targets by 2050.”
World Federation of Stock Exchanges (WFE)Chief Executive Nandini Sukumar, in a message stated: “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.”
CSE Chief Executive Officer Rajeeva Bandaranaike, in his remarks, stated that the CSE is pleased to be an early mover along with the other members of the (WFE) in the Climate Change Initiative by ringing the bell coinciding with a series of other events and workshops that are being held alongside the COP28 in Dubai.
“Stock exchanges are at the core of providing much-needed capital flows to be deployed for sustainable developments. Without appropriate financing in place – green transition cannot take place.”
He added that “the Green Equity Principals that were recently issued by WFE is a global framework that stock exchanges can adopt. Digitization of the local capital market has driven a paperless environment.”
By going digital the CSE has also reduced the footfall to the main office, branches and stockbroker offices thereby positively contributing to energy usage.”
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