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Manila Bulletin devider Business devider The Stock Market devider SEC renews call on global capital markets to support sustainability

SEC renews call on global capital markets to support sustainability

Published Nov 7, 2023 07:55 am

The Securities and Exchange Commission (SEC) renewed its call to various stakeholders for greater cooperation accelerating efforts in mainstreaming sustainable finance, strengthen sustainability reporting, and enable capital markets to meaningfully contribute to a just and equitable transition.

The call was made during the 8th World Investment Forum (WIF) in Abu Dhabi with the theme “Investing in Sustainable Development”. 

The forum aimed to address key investment challenges caused by today’s multiple global crises -- the need to invest in food security, energy, health, supply chain resilience and productive capacity growth in the poorest countries. 

Organized by the United Nations Conference on Trade and Development (UNCTAD), the forum also included a focused track on promoting climate finance and investment priorities, with outcomes intended to feed into the upcoming COP28 negotiations.

Forum participants were treated to comprehensive discussions on connecting investment with sustainable development imperatives and setting out of concrete objectives for sustainability.

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SEC Commissioner McJill Bryant T. Fernandez

Throughout the forum, the SEC delegation, led by Commissioner McJill Bryant T. Fernandez, Director Rachel G. Remalante of the Corporate Governance and Finance Department, and Director Dondie Q. Esguerra of the Financial Management Department, actively participated in key sessions and events.

In a panel on sustainable finance regulations, the SEC Philippines highlighted that significant variations in capacities of local regulators, financial intermediaries, and other capital market participants, including the depth and breadth of domestic markets, could hinder global efforts to make capital markets supportive of sustainable development. 

“Global collective action must be geared towards accelerating knowledge transfer and provide capacity building to stakeholders to ensure that emerging market economies, like the Philippines, could meaningfully contribute to the climate agenda,” Fernandez said.

He added that, “Development partners, including multilateral institutions such as UNCTAD and regional development banks, given their expertise, could service the need for improved local capacities.”

The SEC Philippines delegation also actively participated in the 40th session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting.

The 40th session, which coincided with the 8th WIF, addressed the state of global financial and sustainability reporting frameworks, as well as a review of practical implementation and recent developments in sustainability reporting requirements, with the end-goal of promoting greater alignment, harmonization, and cooperation.

At the 40th Session, the SEC Philippines shared the country’s experience in introducing sustainability reporting, highlighting the need to be sensitive to local nuances, while ensuring alignment with globally accepted standards. 

Recognizing the contributions of the SEC Philippines in promoting transparency and reporting for sustainable development, the Commission, thru Commissioner Fernandez, was appointed Vice Chairperson of the 40th Session.

The Commission’s dedication to sustainability was further underscored by the official nomination of its pioneering project, the Revised Sustainability Reporting Guidelines for Publicly-Listed Companies: The SEC Sustainability Reporting Form (SuRe Form), for the ISAR Honours 2023. 

The draft Memorandum Circular, which was exposed to the public on October 4, 2023, reflects the incorporation of the latest developments in international sustainability standards and frameworks.

ISAR Honours celebrates innovative developments, raises awareness, and promotes national and global best practices in sustainability and SDG reporting, making this nomination a testament to the SEC's continuous commitment to a sustainable future. 
 

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McJill Bryant T. Fernandez Securities and Exchange Commission
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