The Memorandum was signed on December 16th at the Warsaw Stock Exchange trading floor by Kamil Wyszkowski, the representative and the Chairman of the UN Global Compact Network Poland Council and Marek Dietl, the President of the Management Board of the Warsaw Stock Exchange. The deputy Prime Minister, Minister of Economic Development, Labour and Technology Jarosław Gowin took part in the ceremony and assumed honorary patronage over the inaugurated cooperation.

– Joint initiatives promoting the development of new business practices, which take into account the climate challenges, the role of financial institutions and business in the process of establishing an environmentally neutral, green economy are the expected results of the agreement between the United Nations Global Compact Network Poland and the Warsaw Stock Exchange. As the Minister in charge of development, labour and economy I am glad to assume patronage over an initiative in favour of sustainable development and strengthening business social responsibility, which is related to the matters regarding obtaining financing for investments and the direction of development of capital markets – stresses Jarosław Gowin, the Deputy Prime Minister, Minister of Economic Development, Labour and Technology.

The cooperation between the GCNP and the WSE supported by the Polish government aims primarily at developing and promoting measures aiming for sustainable development of the country, increasing the quality of life of the citizens and facilitating business social responsibility. These goals cannot be implemented without a fundamental change of thinking about obtaining financing, capital allocation as well as the directions of development of the capital markets. The challenges related to the functioning of the financial markets related to the identified climate risks require to take action aiming to redirect the capital towards green, environmentally sustainable economy.

– The key to an efficient implementation of the UN policies stemming from the Sustainable Development Goals or the Paris Agreement involves a serious approach to capital trading based on sustainable financing. It is enough to look at the measures implemented by development bank, the biggest banking groups and investment funds, as they have not only announced the abandonment of high-carbon investments, but have, in fact, kept their word. The role of the UN Global Compact Network Poland is to integrate the Polish business and the capital market in the global processes resulting from the UN policies. An example of such “green” direction includes the European Green Deal and the Recovery Fund announced by the European Commission. A wise implementation in the context of rebuilding the Polish economy towards the lowest possible emission level is one of the areas to be discussed with development banks, banking groups and investment funds on the basis of the memorandum. We wish to develop the banking and financial group established under UNGC Network Poland with the WSE and the broadly defined capital market – stressed Kamil Wyszkowski, the representative and Chairman of the UN Global Compact Network Poland Council. 

The WSE has pursued a policy of sustainable development for years, including educational programmes, promoting the highest standards of corporate and communication order and by entering into a dialogue with the participants of the capital and commodity market. United Nations Global Compact (UNGC) is the WSE’s strategic partner in the implementation of these measures. The WSE group engages in an active support of the five selected Sustainable Development Goals (SDGs), which are important from the perspective of the Group's activities in the financial and commodity market - good health and the quality of life; good quality of education; gender equality; economic growth and decent work; innovation, industry, infrastructure. In addition, since 2013 WSE has been a member of the global Sustainable Stock Exchanges initiative established by the United Nations (UN), currently associating 98 stock exchanges around the world. Joining this global trend, the WSE promotes the highest standards in the area of social responsibility among the listed companies, for instance through calculating the WIG-ESG index, publishing the “Good Practices for Companies Listed on the WSE” code, or anti-corruption standards.

- The “Memorandum of Understanding” signed today is another component of the wide cooperation between GPW and the GCNP, which focuses, among others, on promoting awareness-raising activities on non-financial reporting guidelines. It is also an important component of the government's Capital Market Development Strategy, which serves as the catalyst for the changes occurring on the economic, social and legal levels. The climate and energy goals become a component of each of these areas – Marek Dietl, the President of the WSE says. – Warsaw Stock Exchange plays a particular role in mobilising the financial and capital flows required for the implementation of sustainable development goals, which also serves as a real challenge for the entire financial system. The signed cooperation agreement confirms the joint commitment of the parties for the qualitative development of the national capital market, which we implement together with the GCNP in selected areas – President Dietl adds.

The WSE Capital Group takes measures aiming to deliver indexes and indicators based on the principle of sustainable development, the UN standards, and in particular taking into consideration the 10 rules of United Nations Global Compact.

– Cooperation with the UN GC clearly matches the ESG Strategy implemented by the WSE CG. The WSE Benchmark company appointed to serve as an administrator of the reference indexes, currently publishes the WIG-ESG index, carries out works aiming to develop indicators taking into consideration ESG factors and to establish referential indicators taking into account the factual goals of the environmental transformation - Aleksandra Bluj, the Vice-President of the WSE Management Board stresses. – We are convinced that also in these areas, the cooperation with the GCNP will accelerate the process of establishing a platform for the promotion of sustainable growth.

The signed memorandum serves as a common ground for establishing joint initiatives related to the implementation of the strategic tasks, including programmes ensuring adequate and transparent reporting, in line with the global standards. It also aims to support development projects related to promoting new technologies and the development of green economy sectors, also in the area of energy. The cooperation project includes works within the framework of the Sustainable Development Banking Group established last year, where experts from the banking and financial sector from institutions such as the World Bank, EBRD and EIB recommend tools in support of “green” initiatives. Due to the global trends, challenges and market trends, including for instance the current COVID-19 pandemic, it is necessary to ensure that the investment packages defined in the so-called Green Deal and Recovery Fund are effectively used by the widest possible group of entities. This will facilitate the adaptation to the new requirements related to climate risks related to the investment policy of the national and global investors.