The World Federation of Exchanges' Global Meeting on Sustainability Chaired by TMX Group
Conference Programme
Day 1 - Wed 05 Jun
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08:45 - 09:10:
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09:10 - 09:25:
Welcome Remarks
Speakers
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09:25 - 10:00:
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10:00 - 10:15:
Session 1: Setting the Stage – An overview of Canada’s capital markets ecosystem and its unique challenges and opportunities on the road toward a more sustainable future
With a small population spread across the world’s second-largest country by land mass, Canada’s abundant natural resources and vibrant capital markets are each essential to its economic success. As countries around the world navigate their own pathway toward greater sustainability, Canada’s efforts to orient its resource-focused economy and capital markets toward a lower-carbon future offer important insights for all. This keynote speech will provide an opportunity to hear how Canada is tackling the issue of transition and will seek to identify some of the challenges and lessons being learnt in the process.
Speaker
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10:15 - 10:30:
Session 2: The road to climate disclosures in the US
This session will outline the debate on climate disclosures in the US, how thinking in this area may evolve, and the extent to which US issuers are already engaged in planning for disclosures and transition aside from formal SEC-led regulation.
Speakers
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10:30 - 10:50:
Session 3: Getting literate with a tale of two standards: Moving towards interoperability in the shape of international reporting standards
This fireside chat will explore how the work of International Reporting Standards' setters has evolved and what we can expect to see over the coming years. Will the gap between CSRD (the EU requirements) and international requirements be likely to close and where should we anticipate differences? What steps are being taken to ensure interoperability? Given progress in Europe, which is moving ahead at a significant pace with the implementation of CSRD (within the European Sustainability Reporting Standards or ESRS framework), how will international standards' setters work to support companies facing these different requirements? These rules will also impact many countries with subsidiaries operating in the EU (if they meet the threshold). ESRS may have a bigger, more challenging scope, with clearly defined data points.
Regarding the challenges faced in addressing elements such as a reporting regime calibrated for SMEs, what have the speakers observed about SMEs’ needs and those of SME investors? Will this differ significantly from the work developed by the European Financial Reporting Advisory Group (EFRAG) in the EU? Regarding supply chain reporting, what are the main challenges in ensuring the accuracy of data and how can this be resolved? What timeframe will this take, given existing concerns about greenwashing risks? Regarding integrating nature and the importance of preserving biodiversity, what can we expect will be done to ensure interoperability between standard setters in this area?
Speakers
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10:50 - 11:35:
Session 4: A tailor required?: Establishing a bespoke reporting regime for SME’s
The panel will discuss the challenges of sustainability reporting for SMEs and explore the approaches being considered in certain jurisdictions to lighten the load (such as the efforts of EFRAG). The panel will consider: What kind of information do investors need from SMEs and how might it differ from larger issuers? What are the challenges in developing a bespoke regime for SMEs and should it be mandatory or voluntary? What is the likelihood of international consensus and what jurisdictions/reporting frameworks are developing this? How similar are they? What is the experience of an SME and what aspects are the most challenging?
Moderator
Speakers
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11:35 - 12:20:
Session 5: Packing a punch: addressing the challenge of making supply chain decarbonisation a reality
Supply chain reporting is considered to be a game changer if we are to have an accurate assessment of GHG emissions. For example, the Alliance of CEO Climate Leaders identified 80% of the total 4.3Gt emissions footprint from their businesses was produced in their supply chains. Establishing ambitious climate change targets for an exchange or issuer is only the first step; the real test lies in fulfilling these objectives. For numerous companies and exchanges, particularly those in energy - and resource-intensive sectors like heavy industry, achieving net zero emissions for Scope 1 and Scope 2 is a daunting technical and economic endeavor. Adding to the challenge is the intricate task of addressing Scope 3 emissions. This layer introduces new complexities such as grappling with carbon accounting practices; necessitating collaborative efforts with customers; supply networks; and industry groups. Moreover, sustaining stakeholder engagement throughout the intricate, multiyear transformation process presents yet another hurdle.
The panel will discuss: Why is supply chain reporting considered to be important? Are the drivers coming from regulation, or other investors and issuers’ demands? What will the implications be on supply chain listed companies in countries outside the EU? How should exchanges support issuers in preparing? What is the role of exchanges in supporting and drawing to issuers’ attention the changes internationally that might impact them? What impact will supply chain reporting have on transition plans? How are the buyside assessing progress on this and how will it impact investment internationally.
Speakers
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12:20 - 13:20:
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13:20 - 13:40:
Session 6: Nature’s Ledger: Amplifying impact through comprehensive reporting
A presentation on the value of nature and biodiversity reporting for exchanges and how international compatibility is being achieved on these initiatives.
Speaker
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13:40 - 14:25:
Session 7: The next frontier: practitioners share their insights and secrets to integrating new best practices in reporting
This panel will bring together the various strands discussed on reporting, both on supply chain reporting; the experience of issuers in reporting and the incorporation of nature and biodiversity; And, for multilateral companies, it will consider the challenges of working over numerous jurisdictions with differing requirements.
To what extent is nature and biodiversity reporting becoming integrated? What have the challenges and opportunities been from including this aspect? How can issuers effectively manage requests for supply chain reporting and what have been the lessons learnt? How can leaders tackle the fears of reporting on what you cannot entirely control? How have issuers decided which reporting standards to use and what factors are influencing this? How can exchanges further support issuers?
Moderator
Speakers
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14:25 - 14:45:
Session 8: Bridging the Gap: Transition Finance, Plans, and Global Initiatives
This presentation will set the scene for the panel discussion to follow on transition finance and will outline the need for transition plans; their role in supporting transition finance and challenges issuers often face in considering the development and publication of credible transition plans. It will also explain the various global initiatives that exist and the extent to which they will support comparability for investors.
Speaker
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14:45 - 15:00:
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15:00 - 15:40:
Session 9: Transition taxonomies: Fueling finance for a sustainable future beyond ‘green’
The panel will explore the way in which green taxonomies have been adapted to support transition and the implication and challenges of developing a more agile taxonomy. Questions the panel will discuss include: How are transition taxonomies different from green taxonomies? And how have taxonomies embraced transition to different extents? What are some of the challenges in developing a transition taxonomy and can transition taxonomies be developed for regions or are the challenges only possible to surmount if it is a national taxonomy? How have taxonomies elsewhere been shown to drive capital towards green or transition purposes?
Moderator
Speakers
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15:40 - 16:25:
Session 10: Transition excellence: maximising value with effective transitions plans
This panel will explore: What role do transition plans have in supporting transition finance and products in this area? How important is it to distinguish this from other green products and the challenges in doing this? What is the investor appetite for transition finance and what are they looking for in transition plans? What are the challenges in transition planning for issuers and the benefits gained from the process? How can issuers navigate the need to adapt plans? The role of third-party assessment in adding credibility and what are the observations of third-party assessors on international uptake and progress? How can uptake be encouraged and confidence amongst issuers in developing transition plans be strengthened? What will be the role of off-setting and the voluntary carbon credits in the mix of tools identified in a transition plan? How likely are we to achieve international comparability of transition plans and what are the implications?
Moderator
Speakers
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16:25 - 16:30:
Closing Remarks
Speakers
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