UN Women Pakistan Introduces 'ESG Sustain' Platform for ESG Regulatory Compliance

UN Women Pakistan has unveiled the inaugural preview of "ESG Sustain," a centralized web-based portal designed to function as a comprehensive repository for all ESG-related regulatory requirements. This announcement took place during the 3rd ESG Symposium, a crucial event aimed at advancing sustainable development.

The introduction of this portal signifies a significant accomplishment within the ESG roadmap, providing a centralized hub for sector-specific ESG performance, inclusive of a knowledge repository, pertinent guidelines, and a focal point for promoting sustainability-driven instruments.

In collaboration with UN Women Pakistan, the Securities and Exchange Commission of Pakistan (SECP) organized its third Environmental, Social, and Governance (ESG) Symposium, focusing on ESG-based investing and Climate Change.

The full-day event, hosted in Karachi, saw active participation from key stakeholders, including leaders from capital market institutions, multilateral representatives, academia, and companies, all united in their commitment to fostering sustainable investment and responsible business practices.

During the event, Dr. Shamshad Akhtar, the chief guest, commended SECP for its efforts in promoting sustainable business practices in Pakistan's corporate sector. She also praised the active involvement of UN-Women Pakistan in advocating for gender-inclusive interventions and fostering constructive deliberations.

Dr. Akhtar highlighted the government's commitment to addressing climate change through initiatives such as developing a green taxonomy, strengthening disclosure guidelines, establishing a blended agriculture finance fund, and collaborating with global re-insurers for disaster risk financing.

The significance of accountability, transparency, and sustainability-linked products, with a focus on the private sector's role in climate investments, was also emphasized. Dr. Akhtar lauded SECP's initiatives, including the ESG Guidelines, ESG Sustain portal, and collaborations with ICAP, PICG, and PSX, considering them steps in the right direction.

Musarat Jabeen, Executive Director at SECP, opened the dialogue by highlighting the shift in regulators' roles towards promoting sustainable development rather than merely enforcing laws. She stressed the need to integrate ESG considerations into the regulatory regime and underscored the importance of capacity building in the evolving disclosure frameworks.

The launch of 'ESG Sustain' and the introduction of the draft 'ESG Disclosure Guidelines' are crucial milestones under SECP's ESG Regulatory Roadmap. Jabeen presented SECP's draft ESG action plan, outlining responsibilities and timelines for stakeholders to create a sustainable ecosystem, inviting participants to provide feedback.

Sharmeela Rasool, Country Representative of UN Women Pakistan, encouraged investors, regulators, the private sector, and assurance providers to adopt the ESG framework for benchmarking performance, attracting investments, and contributing to sustainability.

The session included a detailed technical presentation by Asif Iqbal, Director on SECP's draft ESG Disclosure Guidelines, seeking feedback from stakeholders on the key disclosure metrics.

A high-level plenary discussion, moderated by Mashmooma Zahra, brought together esteemed panelists to explore the critical role of institutions in combating climate change. The panel emphasized the need for relevant data availability, gender-inclusive measures, increased awareness, and incentivizing the private sector for ESG investments in Pakistan.

UN Women Pakistan highlighted the importance of private sector adoption of Women's Empowerment Principles (WEPs) in driving inclusive economic growth and benchmarking best practices.

Farrukh Rahman from ICAP delivered a detailed presentation on sustainability reporting, discussing aspects of IFRS S1 and IFRS S2, particularly climate-based risks and opportunities, and phased adoption criteria for sustainability-related disclosures.

A fireside chat on the ESG action plan, moderated by Mr. Mohammad Shoaib, Director CFA, featured panelists providing feedback on SECP's ESG Action Plan.

In concluding remarks, Mr. Akif Saeed, Chairman of SECP, commended diverse stakeholders for their involvement in the symposium, emphasizing ESG as a priority area. He stressed the importance of data and disclosures for developing robust and sustainable capital markets, reiterating SECP's commitment to fostering a regulatory environment that considers environmental impact, encourages corporate social responsibility, and promotes good governance.

Saeed reaffirmed SECP's commitment to collaboration with key stakeholders, shaping a sustainable future through insightful discussions.