UNDP Maldives co-hosts webinar on Corporate Environmental, Social and Governance (ESG) Reporting with CMDA
May 31, 2023
The United Nations Development Programme (UNDP) in the Maldives co-hosted an introductory webinar on Corporate Environmental, Social, and Governance (ESG) Reporting with Capital Market Development Authority (CMDA). The webinar introduced relevant stakeholders to the concept and good practices of corporate ESG reporting and sustainability impact management - aimed to generate growth momentum among the corporate sector of the Maldives, foster learning and build capacities to mainstream and integrate sustainability into business activities.
The webinar focused on enhancing capacity building for ESG reporting. It emphasized the important roles of financial regulators and businesses in achieving social and environmental commitments in the Maldives. CMDA revised its Corporate Governance Code in 2021, making it mandatory for listed companies to report their corporate social responsibility activities and disclose their 'sustainability policy'.
The webinar introduced participants to emerging and evolving concepts of sustainable finance, responsible business practices, sustainability impact measurement and reporting. They were also provided with widely acknowledged toolkits and standards to help integrate social and environmental climate actions into their sustainability policies and reporting practices. Additionally, the webinar aimed to sensitize corporates and stakeholders on key aspects of sustainability and ESG, as well as the challenges and opportunities associated with sustainability reporting.
During the webinar, Resident Representative of UNDP Maldives, Enrico Gaveglia, highlighted the significance of development financing for the Maldives. "The Maldives considers all forms of development financing as essentially climate finance given its fragile ecosystems and hard infrastructure lying within meters of a coastline anywhere in the country. A common framework accountable to nature and social good can attract new form of finance from international impact-oriented capital.” he said.
This introductory webinar was held to increase momentum among the corporate sector in the Maldives to continue learning skills and building capacities to mainstream and integrate sustainability into business activities. It was organized under the partnership between UNDP and CMDA to develop an ESG ecosystem and necessary human capacities to align capital market business practices and financing flows with sustainable financing principles. Together, we aim to develop a comprehensive ESG reporting framework that will enable companies to report on their sustainability efforts in a consistent and standardized manner.
Full webinar: https://t.co/2aS0WJXhhQ