“The sustainable development, as well as in finance, – is the only suitable future model” – said Maxym Libanov, the Commissioner of the NSSMC

The NSSMC has long been interested in “green” financing and will continue to implement the ESG principles in regulation. Maxym Libanov, the Commissioner of the NSSMC (the National Securities and Stock Market Commission) told all this at the webinar on “Accelerating Sustainable Financing Collectively”. The event was organized by the SBFN (Sustainable Banking and Finance Network) and IFC (International Finance Corporation).

 “Sustainable development and ESG (Environmental, Social and Corporate Governance) have been not only as general requirements or global trends particular time, these are a real necessity for almost the entire corporate sector. We are becoming not only witnesses, but also participants in the process while green financing and corporate governance promote the sustainable business development on the basis of ESG”, said the Commissioner.

Speaking at the panel discussion “On innovations in cooperation for promoting sustainable financing in different markets”, Mr. Libanov recalled that the NSSMC systematized the global achievements in the field of Green Bonds and approved the Recommendations on the implementation or financing of environmental projects by issuing green bonds in July 2021. The document was prepared in accordance with the regulatory framework and methodological recommendations of the leading participants in the capital market such as the European Commission, the International Capital Markets Association (ICMA), the International Finance Corporation (IFC) and the World Bank (World Bank).

“This is a huge step towards Green Bond Market Development in Ukraine. We hope that the business will shortly use this instrument and issue the first environmental bonds”, added the Commissioner.

According to the Commissioner, the Regulator is currently finalizing the text of the Annex of the Corporate Governance Code concerning the ESG and will soon present it to the market community.

The NSSMC officially joined the SBFN in July 2020. The SBFN and IFC are working together with the NSSMC on establishing the sustainable financing road map, developing a regulatory framework, and providing the methodological assistance on the promoting of green and climate banking products financing. The Sustainable Banking Network is a voluntary association of financial sector regulators and banking associations of developing countries. The aim is to improve environmental, social and corporate governance in the banking sector and the development of the financial market.