Kuwait: Boursa Kuwait joined the fight to beat plastic pollution on World Environment Day 2023, reiterating its commitment to being a responsible and sustainable company that enters into strategic partnerships to support environment protecting initiatives and projects. The Kuwaiti stock exchange partnered with the United Nations Development Programme, the Regional Office for West Asia for the UN Environment Programme (UNEP), the Environmental Voluntary Foundation (EVF), and Omniya Collection System to remind the global society of the importance of people’s actions to curb plastic pollution. This year’s World Environment Day also celebrates the steps governments and businesses are taking to tackle plastic pollution and transition to a circular economy.

The celebration of World Environment Day comes in line with Boursa Kuwait’s Corporate Sustainability (CS) strategy, which aims at creating long-term economic, social and environmental value for the company’s stakeholders. A fundamental component of its overarching business strategy, the CS strategy informs and inspires Boursa Kuwait’s efforts to contribute to the sustainable development of the community in which it operates and is in line with Goal 13 – Climate Action – and Goal 17 – Partnership for the Goals - of the UN’s Sustainable Development Goals (SDGs).

Mr. Naser M. Al-Sanousi, Senior Director of Marketing and Communication at Boursa Kuwait, commented on this occasion, saying: "As we commemorate World Environment Day, Boursa Kuwait proudly joins hands with our esteemed partners who share our vision for a sustainable future. Today, we come together to relay a message that symbolizes our collective commitment to protecting the environment through the adoption and promotion of sustainable living and business practices.”

“Our Corporate Sustainability strategy guides our approach to sustainability, and we are steadfast in our resolve to strive to create lasting change in our community and build a greener, healthier planet for generations to come. We pledge to help address plastic pollution and its detrimental impact on the environment together with our partners, and we are committed to working toward fostering a circular economy by supporting eco-friendly initiatives, promoting responsible consumption and reducing single-use plastics,” added Mr. Al-Sanousi.

Ms. Hideko Hadzialic, UNDP Resident Representative said: “As we are celebrating World Environment Day 2023, marking its 50th anniversary under the theme #BeatPlasticPollution, let us work together on practical actions to fight the harmful effects of plastic pollution before it’s too late. Plastic pollution has far-reaching impacts on nature, people's health and wellbeing, the climate as well as agriculture and the economy. Communities worldwide are realizing the serious consequences of plastic pollution and recognizing the urgent need for everyone to come together and take action.”

Boursa Kuwait also took this opportunity to reinforce its partnership with the EVF and the Kuwait Dive Team in association with the UNEP, supporting the Dive Team’s efforts for the preservation of Kuwait’s marine environment and continuing their support of the Dive Team’s initiatives.

Speaking on behalf of UNEP, Mr. Sami Dimassi, UNEP Director and Regional Representative, West Asia Region said, “It is very important to shed light on the partnerships between the private sector and the non-governmental organizations, especially when it comes to the environment and its preservation. We are grateful for our long-standing relationship with Boursa Kuwait and the Kuwait Dive Team, who have set a tremendous precedent for other organizations with their efforts to preserve Kuwait’s marine environment.”

Dr. Dari Al-Huwail, the Kuwait Dive Team’s International Relations Officer, hailed Boursa Kuwait’s support of the Team and the Environmental Voluntary Foundation, saying, “We’re happy, proud and appreciative of the generous support from Boursa Kuwait and the United Nations Environment Programme for our efforts to lift harmful debris from Kuwait’s Bay and the surrounding beaches. Since 2009, we have successfully lifted over 2000 tons of hazardous waste, of which 300 tons were plastic. Additionally, we have found that over half of the waste lifted in the past couple of years has been plastic. Let’s join together on World Environment Day and beat plastic pollution.”

Boursa Kuwait also announced a partnership with Omniya Collection System to recycle plastic and support plastic recycling initiatives. A non-profit Kuwaiti company, Omniya Collection System is on a mission to make the country clean by spreading environmental awareness and separating plastic waste from the source for recycling and preventing it from reaching landfills or the sea.

Boursa Kuwait became the first recipient of Omniya’s “Blue Bottle” certificate, which rewards companies for their efforts to recycle plastic and promote a circular economy. This proactive approach aims to substantially reduce the stock exchange’s environmental impact and contributes to the foundation of a sustainable future for Kuwait.

Speaking on behalf of Omniya Collection System, Chief Executive Officer Ms. Sanaa Al-Ghemlas said, “On World Environment Day, I am humbled to partner with Boursa Kuwait, the first recipient of our “Blue Bottle” certificate. Omniya is a non-profit company fully supported by the private sector, and I look forward to welcoming more companies from that sector to help us give Kuwait a sustainable future.”

Boursa Kuwait’s Corporate Sustainability strategy stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations. With the two pillars of Community, and Environment, the strategy provides the foundation for creating strong and sustainable partnerships that ultimately achieve success and allows Boursa Kuwait to leverage the capabilities and strengths of other organizations specializing in different fields and integrate sustainability efforts with the company culture.

As part of the ‘Environment’ pillar of the CS strategy, Boursa Kuwait has launched several green initiatives. In association with UNEP’s Regional Office for West Asia, EVF, and the Kuwait Dive Team, Boursa Kuwait has sponsored a national campaign to remove hazardous waste from Kuwait Bay. The company also began a major initiative to renovate its buildings and facilities, which contributed to saving energy and water, thereby reducing its carbon footprint. It has also partnered with EnviroServe, the first electronics recycling company in Kuwait, to manage the recycling of discarded screens, computers as well as many other electronic devices not in use. Boursa Kuwait has also made a formal commitment to drive corporate sustainability in financial markets by becoming a member of the UN-led Sustainable Stock Exchanges (SSE) initiative.

During 2022, Boursa Kuwait’s sustainability efforts were recognized by a host of prestigious awards including ‘Most Sustainable Practices in ESG’ at the Global Business Outlook Awards, ‘Sustainable Stock Exchange of the Year in the Middle East’ by Pan Finance, and ‘Most Sustainable Company in the Financial Services Industry’ by World Finance. The company was also recently recognized by CFI Magazine for its “Outstanding Contribution to Financial Inclusion 2022” and “Best Capital Market ESG Strategy GCC 2022”.

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ABOUT BOURSA KUWAIT

Since it was established by the Capital Markets Authority to take over the responsibilities of the Kuwait Stock Exchange in 2014, Boursa Kuwait has worked diligently to build a progressive exchange platform based on efficiency and transparency, with a view to creating long-term value for the company’s stakeholders in the economic, social and environmental dimensions.

Guided by a mission-driven strategy that focuses on developing the market in line with international standards, Boursa Kuwait has successfully introduced innovative investment tools, reinforced transparency, and restructured the market to increase its competitiveness and liquidity. The company’s market developments and enhancements have contributed to the reclassification of the Kuwaiti capital market to “Emerging Market” status in the world’s top three indices, strengthening Kuwait’s position as a leading financial center in the region. A self-listed exchange, Boursa Kuwait is the first government entity in the country to successfully undergo privatization.

For more information about Boursa Kuwait’s initiatives and its latest developments, please visit www.boursakuwait.com.