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UN Global Compact Network Poland And The Warsaw Stock Exchange Sign A Memorandum Of Understanding

Date 17/12/2020

  • UN Global Compact Network Poland (GCNP) and the Warsaw Stock Exchange (GPW) have signed a Memorandum of Understanding (MoU) in support of sustainable development financing tools.
  • The Ministry of Economic Development, Labour and Technology is the honorary patron of the initiative.

The Memorandum of Understanding was signed on 16 December 2020 by Kamil Wyszkowski, Representative and President of the Board of the UN Global Compact Network Poland, and Marek Dietl, President of the Management Board of the Warsaw Stock Exchange. The event took place in the presence of Deputy Prime Minister, Minister of Economic Development, Labour and Technology Jarosław Gowin, who is the honorary patron of the partnership.


“The MoU between the United Nations Global Compact Network Poland and the Warsaw Stock Exchange will give rise to joint initiatives which promote the development of new business practice integrating the challenges of climate change and the role of financial institutions and businesses in the creation of a climate-neutral green economy. As minister responsible for economic development, labour and the economy, I am proud to be the patron of this project in support of sustainable development and corporate social responsibility, closely linked to raising funds for investments and the directions of development of capital markets” said Jarosław Gowin, Minister of Economic Development, Labour and Technology. 

The partnership between GCNP and GPW supported by the Polish government focuses on the development and promotion of initiatives aimed at Poland’s sustainable development, better living standards, and corporate social responsibility. Those objectives cannot be attained without a fundamental change of the mindset concerning the raising of funds, the allocation of capital, and the directions of development of capital markets. Challenges posed to the financial markets by identified climate risks require steps necessary to redirect capital to a green, environmentally sustainable economy.

“In order to efficiently implement the UN policies defined in accordance with the Sustainable Development Goals and the Paris Agreements, it is key to take seriously capital flows based on sustainable financing. Thus, development banks, the biggest banking groups and mutual funds have not only announced a turn away from high-carbon investments but actually implemented it. The UN Global Compact Network Poland aspires to integrate Polish businesses and capital markets into the global process driven by the UN policies. The Green New Deal and the Recovery Fund announced by the European Commission are examples of the green transition. Their smart implementation in the process of transition of the Polish economy to a low-carbon economy is one of the main themes of discussions we are planning to initiate with development banks, banking groups and mutual funds under the umbrella of the MoU. We want to further develop the banking and finance group established in the UNGC Network Poland, working in partnership with GPW and the broadly understood capital market” said Kamil Wyszkowski, Representative and President of the Board of the UN Global Compact Network Poland. 

GPW has for many years pursued a policy of sustainable development by offering educational programmes, promoting the highest standards of corporate governance and disclosures, and maintaining a dialogue with capital and commodity market participants. The United Nations Global Compact (UNGC) is GPW’s strategic partner in those initiatives. The GPW Group actively supports five selected Sustainable Development Goals (SDGs) relevant to the Group’s activity on the financial and commodity market: good health and well-being; quality education; gender equality; decent work and economic growth; industry, innovation and infrastructure. Since 2013, GPW has been a member of the Sustainable Stock Exchanges, a global initiative of the United Nations (UN) which currently has 98 members around the world. In line with the global trend, GPW has for years promoted the highest standards of corporate social responsibility among listed companies, among others by providing the index WIG-ESG and publishing the Good Practice of GPW Listed Companies and anti-corruption standards.

The Memorandum of Understanding we have signed is another step in the broad partnership between GPW and UN GCNP. Our co-operation includes the promotion of good practice of non-financial reporting as an important part of the government’s Capital Market Development Strategy. When investors meet the expectations of investors with regard to sustainable and socially responsible business, capital becomes less expensive and more accessible,” said GPW President Marek Dietl. “The Warsaw Stock Exchange knows how to encourage investors and issuers to pursue Sustainable Development Goals. The MoU corroborates the commitment of both parties to quality development of the national capital market” said Mr Dietl.

The GPW Group is taking steps to provide indices and benchmarks based on sustainable development and UN standards, in particular the Ten Principles of the United Nations Global Compact.

“The partnership with UN GC is a perfect fit for the ESG Strategy pursued by the GPW Group. GPW Benchmark, the Group member which is a benchmark administrator, publishes the index WIG-ESG and is working to develop benchmarks integrating ESG factors and benchmarks reflecting the real objectives of the climate transition” said Aleksandra Bluj, Vice-President of GPW Benchmark. “We are certain that the partnership with GCNP will help to accelerate the development of a sustainable development promotion platform in all those areas, as well.

The Memorandum of Understanding provides a platform for the development of joint initiatives in pursuit of strategic objectives, including programmes supporting adequate and transparent corporate reporting in accordance with global standards. The MoU is also designed to support development projects which promote new technologies and green industries, including green energy. The partnership also covers the work of the Banking Group for Sustainable Development established last year, where banking and financial experts representing among others the World Bank, EBRD, EIB, and PFR recommend tools which support the financing of green initiatives. In view of global trends and market challenges and trends, including the current COVID-19 pandemic, it is key to ensure that investment schemes defined in the framework of the Green New Deal and the Recovery Fund are available to the broadest possible group of entities, helping them meet the new requirements imposed by climate risks which impact the investment policies of local and global investors.