Ukraine’s National Securities and Stock Market Commission is working with the International Finance Corporation (IFC) to launch a set of green finance standards, with a focus on fostering a green bond market in the country.
In a bid to mobilise more sustainable finance to the country, IFC, the private-sector arm of the World Bank, signed a cooperation agreement with Ukraine’s National Securities and Stock Market Commission.
The strategy includes a new sustainable finance roadmap, the development of a regulatory framework and the provision of technical guidance on developing green and climate finance products.
As well as climate change, the efforts will promote broader ESG implementation at Ukrainian companies.
The Chairman of the country’s National Securities and Stock Market Commission, Timur Khromaev, said: “The Ukrainian capital market should become part of the global capital markets and our work aims to help develop this potential. Together with our international partners, we will work on policies to introduce green finance standards in Ukraine, mainly through green bonds and ESG disclosure guidelines and regulations. I am optimistic that the successful introduction of such instruments will provide opportunities for the Ukrainian market to attract financial resources.”
The new IFC strategy is supported by Austria’s Federal Ministry of Finance and the Swiss State Secretariat for Economic Affairs.
Earlier this year, Ukraine’s National Securities and Stock Market Commission joined the IFC-backed Sustainable Banking Network, a community of financial sector regulatory agencies and banking associations representing $43tn of the total banking assets in 40 emerging markets.