Boursa Kuwait rings the bell for climate action during United Nations Day 2021

Kuwait: Boursa Kuwait virtually rang the bell for climate action during United Nations Day 2021, in collaboration with the United Nations and their Representative of the Secretary General and Resident Coordinator Office in the State of Kuwait.

The initiative forms part of Boursa Kuwait’s efforts to create a lasting meaningful impact on the communities where it operates as part of its Corporate Sustainability strategy, and is in line with Goal 13 – Climate Action – and Goal 17 – Partnership for the Goals - of the UN’s Sustainable Development Goals (SDGs) as well as the National Development Plan for the State of Kuwait, “New Kuwait 2035”.

In commemoration of UN Day 2021, the United Nations is organizing the “Youth4Climate Action” Exhibition at the United Nations House located in the Diplomatic Quarter in West Mishref. The theme of this exhibition is based around SDG 13 on Climate Action, under the title “Youth for Climate Action – Inspiration, Action, Transformation – and will shed light on Kuwaiti youth initiatives that contribute to climate action and encourage the wider society to follow in their footsteps. Additionally, several buildings in Kuwait and around the world, including the Boursa Kuwait building, were lit up in blue to celebrate this event.

Commenting on the initiative, Boursa Kuwait’s Marketing and Communication Director, Mr. Naser M. Al-Sanousi, said, “Today on United Nations Day, we ring the bell for climate action in collaboration with the United Nations and the Resident Coordinator of the State of Kuwait. Boursa Kuwait is keen to adopt and promote sustainable standards and practices, endorsing the efforts of market participants to enhance performance on environmental, social and corporate governance (ESG) issues.”

Al-Sanousi added, “Since 2017, Boursa Kuwait has been a member of the United Nations’ Sustainable Stock Exchange initiative, making a formal commitment to the sustainability of listed companies and their operations. The exchange has sponsored a variety of green initiatives to preserve our natural environment, acting as a catalyst for positive, environmental change by seeking strategic partnerships and launching initiatives that limit environmental impact, as part of our Corporate Sustainability strategy, which is in line with the United Nations’ Sustainable Development Goals.”

Dr. Tarek El-Sheikh, the United Nations Resident Coordinator and Designated Official, also spoke on this occasion, saying, “Kuwait is confronted with a series of climate challenges that require us to take action and cooperate in shedding light on climate change, encouraging our communities to work together towards changing behaviors that pose a threat to our planet. We applaud Boursa Kuwait’s role as a strategic partner in achieving the United Nations’ Sustainable Development Goals and being a role model in Kuwait.”

El-Sheikh added, “We celebrate United Nations Day this year by highlighting the efforts of youth toward climate action in Kuwait. We are honored to see many young people from Kuwait playing an active role in climate action and encouraging their communities to save our planet.”

In 2020, Boursa Kuwait collaborated with the UN Environment Programme and the Kuwait Dive Team - under the umbrella of the Environmental Voluntary Foundation (EVF), for the preservation of marine life in and around the Kuwait Bay, one of the richest, most diverse ecosystems in the Gulf and a key contributor to the Kuwaiti economy.

The company’s activities with the Kuwait Dive Team resulted in the removal of around 63 tons of various waste from the Bay by the Company-sponsored Boursa Boat. These trips included a two-ton clearing of hazardous waste from beaches and islands, in collaboration with government institutions; eight trips  to  clear  4.8  tons  of  fishing  nets;  and  six  operations  to  remove wrecked ships and boats, with the combined weight of 56 tons.

The bourse also rang the bell for World Earth Day, one of the most important environmental initiatives around the world, in collaboration with the UN Environment Programme's Regional Office for West Asia (UNEP) and the EVF. As part of the ceremony, Boursa Kuwait reinforced its partnership with the EVF and the Kuwait Dive Team in association with the UNEP, sponsoring the 2021 National Campaign to Remove Hazardous Waste from the Kuwait Bay and its Beaches and supporting the Dive Team’s efforts for the preservation of Kuwait’s marine environment.

In an effort to maintain and upgrade the facilities and utilities of the building, Boursa Kuwait put into effect a plan that entails the revamp of the building’s facilities and utilities, including an upgrade to various utilities across the premises, such as the elevators, the escalators, and the heating ventilation and air condition systems (HVAC) and air diffusers. This upgrade will reduce energy consumption by more than 20%, in line with the company’s CS strategy and supporting the twelfth goal of the SDGs related to responsible consumption and production.

Boursa Kuwait’s Corporate Sustainability strategy stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow Boursa Kuwait to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange.

As part of the strategy, Boursa Kuwait has launched many initiatives in partnership with local and international organizations, focusing on support for nongovernmental organizations and charity programs, financial literacy and capital market awareness, the empowerment of women, environmental protection as well as safety and preventive measures against Covid-19.

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ABOUT BOURSA KUWAIT

Since it was established by the Capital Markets Authority to take over the responsibilities of the Kuwait Stock Exchange in 2014, Boursa Kuwait has worked diligently to build a progressive exchange platform based on efficiency and transparency, with a view to creating long-term value for the company’s stakeholders in the economic, social and environmental dimensions.

Guided by a mission-driven strategy that focuses on developing the market in line with international standards, Boursa Kuwait has successfully introduced innovative investment tools, reinforced transparency, and restructured the market to increase its competitiveness and liquidity. The company’s market developments and enhancements have contributed to the reclassification of the Kuwaiti capital market to “Emerging Market” status in the world’s top three indices, strengthening Kuwait’s position as a leading financial center in the region. A self-listed exchange, Boursa Kuwait is the first government entity in the country to successfully undergo privatization.

For more information about Boursa Kuwait’s initiatives and its latest developments, please visit www.boursakuwait.com. 

© Press Release 2021