The United Nations Development Programme (UNDP) in the Maldives and the Maldives Capital Market Development Authority (CMDA) have announced the signing of a Memorandum of Understanding (MoU) to collaborate in advancing the Environmental, Social, and Governance (ESG) reporting framework for listed corporates in the Maldives.
The MoU outlines a partnership between UNDP and CMDA to develop a comprehensive ESG reporting framework that will enable companies to report on their sustainability efforts in a consistent and standardised manner. The main objective of the collaboration is to develop an ESG ecosystem and necessary human capacities for regulators and capital market participants in Maldives through the alignment of business practices and financing flows against sustainable financing principles, in support of achieving the Maldives Nationally Determined Contributions (NDCs), Sustainable Development Goals (SDGs), the Strategic Action Plan (SAP), and the strategic priorities of CMDA.
Chief Executive Officer of CMDA Mohamed Hussain Maniku stated that CMDA is pleased to collaborate with UNDP for the development of a framework for sustainability financing and ESG reporting for the Maldives. He also said that CMDA aims to create market financing opportunities for local companies to carry out sustainability-linked programmes, enhance transparency and strengthen governance through effective ESG reporting through this collaboration.
As a first activity under the collaboration, UNDP and CMDA is co-organising an introductory webinar for relevant stakeholders to introduce the concept and good practices of corporate sustainability reporting, and sustainability impact assessment, and to grow momentum among the corporate sector in the Maldives with motivations to continue learning skills and building capacities to mainstream and integrate sustainability into business activities.
Resident Representative of UNDP in the Maldives Enrico Gaveglia said that UNDP is continuously exploring pathways to enhance global best practices on the ground here in the Maldives and they are pleased to be partnering with CMDA to advance ESG and sustainability in the corporate sector. He also said that the ESG framework would be a starting point for a much wider scope of sustainability practice and financing within the private sector in the Maldives.