The WFE’s Sustainability Conference
Conference Programme
Day 1 -
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08:30 - 09:00:
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09:00 - 09:30:
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09:30 - 09:40:
Welcome and Opening Remarks
Speakers
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09:40 - 09:55:
Session 1: Keynote Speech
Speaker
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09:55 - 10:55:
Session 2: Financing the Transition: Building dynamic markets for a changing world
The transition to a low-carbon economy will not be financed by green issuers alone. Capital markets must evolve to support companies across the whole economy - from those already aligned with environmental objectives to those undertaking credible transition journey. Stock exchanges are increasingly shaping this evolution through new designations, listing frameworks, and financial products that channel capital toward measurable outcomes while preserving market integrity.
This session explores how market infrastructure can mobilise investment at scale, support hard-to-abate sectors, and maintain investor confidence in an increasingly complex policy landscape.
- Why is it critical that exchanges create markets for transition finance and facilitate the mobilisation of capital beyond “already green” companies?
- What policy signals or regulatory frameworks are most critical to enable exchanges to scale credible green and transition finance markets, and where are current policy approaches helping or hindering market development?
- What policy levers are most effective in enabling investment in hard-to-abate industries while ensuring accountability and credible transition pathways
- How can exchanges unlock investment for hard-to-abate sectors while ensuring integrity and credibility?
- What exchange-led mechanisms such as green equity designations, transition frameworks, issuer transition disclosures, or sustainability-linked instruments are emerging as practical solutions?
- With taxonomies and sustainability rules diverging across jurisdictions, what practical steps can regulators and exchanges take to maintain interoperability and cross-border investment flows?
Moderator
Speakers
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10:55 - 11:25:
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11:25 - 12:30:
Session 3: Sustainability in Flux: Regional Realities, Global Consequences
As sustainable finance frameworks mature, the global political environment around them is becoming increasingly divergent. While some jurisdictions are deepening regulatory integration, others are recalibrating or politicising sustainability policies. For exchanges, issuers and investors operating across borders, this divergence creates uncertainty but also strategic choice.
This session examines whether current political rhetoric reflects substantive shifts in capital allocation and corporate behaviour, or whether markets are continuing to integrate sustainability regardless of political cycles. It will explore how regional regulatory developments - across Europe, the United States, Asia and emerging markets - are shaping market structure, capital flows and listing decisions. The discussion will also consider how exchanges can support issuers navigating a fragmented landscape while preserving growth, competitiveness and investor confidence.
The session will begin with a presentation from the WFE setting out how exchanges have been continuing to drive change and strategic progress in the face of wider political uncertainty and global divergence. The Panel will then discuss:
- Europe: Was the Omnibus Regulation a reversal, or simply integration? What does it mean for extraterritorial impacts (e.g., on foreign issuers)?
- US: Have political shifts undercut sustainability, or are investors still pursuing alpha? What are companies doing to navigate the state requirements and what is the impact of this
- Asia & Emerging Markets: With government-led models (e.g., SGX, NSE), how different is the trajectory?
- Global Politics: Is fragmentation in sustainable finance regulation shaping capital flows and listing choices?
- Exchanges: How can they help issuers navigate this patchwork while fostering growth and innovation?
- Looking Ahead: What will sustainable finance look like in 5–10 years?
Moderator
Speakers
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12:30 - 13:45:
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13:45 - 14:45:
Session 4: From Compliance to Competitiveness: Using Sustainability Reporting and Transition Plans Strategically
Sustainability disclosure rules are embedding fast - from ISSB to CSRD to CSDDD - but reporting alone does not create value. Exchanges and issuers now face a new challenge: how to transform reporting obligations into strategic opportunities that drive growth, innovation, and investor trust.
This session will explore how issuers and exchanges can use sustainability data proactively to:
- Guide capital allocation and product innovation
- Support issuers in embedding sustainability into strategy
- Align to with investors and issuers despite regulatory fragmentation
- Move beyond compliance to deliver real-world sustainability outcomes
The panel will discuss:
- How can exchanges, issuers, and investors turn sustainability reporting into a strategic advantage, rather than a compliance burden?
- What are the most effective ways to integrate ESG data into capital allocation, product innovation, and growth strategies?
- How can companies and exchanges align with international investor expectations amid growing regulatory fragmentation (ISSB, CSRD, CSDDD, etc.)?
- What are investors actually looking for in reported sustainability data, and how can exchanges and issuers leverage this to attract capital?
- What role can exchanges play in bridging gaps between regulatory frameworks, issuer realities, and investor needs to enable real-world sustainability outcomes?
Moderator
Speakers
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14:45 - 15:45:
Session 5: Nature in Capital Markets: Strategic Imperatives for a Nature-Positive Economy
Nature is fast becoming a critical issue for capital markets. As biodiversity loss poses growing systemic risks, exchanges must consider their role in preserving market stability and investor trust.
This high-level session will examine how nature-related risks impact market resilience, the strategic role of exchanges in enabling credible nature disclosures (e.g. via TNFD), and the infrastructure needed to support nature-linked financial products. It will also explore how nature can be integrated into transition planning and innovation across listed markets.
The panel will discuss:
- Why should nature be a boardroom and market infrastructure priority and what are the systemic implications for exchanges?
- How can exchanges strategically support the uptake of TNFD and nature-related risk disclosure among issuers?
- What types of nature-linked products and services are credible—and what is the role of exchanges in enabling and validating them?
- Where are the current limitations in data, ratings, and taxonomies for nature—and how can exchanges drive improvement without creating fragmentation?
- How does the nature agenda intersect with existing transition finance initiatives and taxonomies?
- What governance and disclosure frameworks can help protect exchanges from reputational and regulatory risk in the nature finance space?
Speakers
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15:45 - 16:00:
Session 6: Keynote Speech
Speaker
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Day 2 -
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09:00 - 09:30:
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09:30 - 09:35:
Opening Remarks
Speaker
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09:35 - 10:05:
Session 7: Fireside Chat: Sustainability Under the Microscope: The Role of Assurance
As sustainability reporting becomes more consequential for capital markets, the role of assurance is moving to the centre of policy and investor expectations. This fireside chat will explore how ethical standards, independence requirements and emerging assurance frameworks are shaping trust in sustainability information and what this means for issuers, exchanges and regulators as disclosure evolves from narrative to decision-useful data. The discussion will explore questions such as:
- As sustainability disclosures become more consequential for capital allocation, what role does assurance play in ensuring that markets can rely on this information?
- How are ethical frameworks evolving to address the unique challenges of assuring forward-looking information such as transition plans or scenario analysis?
- Where should policymakers draw the line between mandatory assurance requirements and allowing markets to innovate?
- What are the biggest challenges assurance providers face when assessing transition strategies, given uncertainty around pathways, technologies and timelines?
- With different jurisdictions adopting varying sustainability reporting regimes, how can assurance standards support comparability and avoid regulatory divergence?
- What should exchanges and regulators consider when integrating assured sustainability information into listings, designations or market labels?
Moderator
Speaker
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10:05 - 11:20:
Session 8: Accessing Transition Finance: Why it matters and how to reap the benefits
In 2024, global climate finance is estimated to have exceeded $2 tr, though this constitutes a mere fraction of the investment needed to align global economies with net-zero pathways. As net-zero deadlines approach and decarbonisation urgency intensifies, a growing share of sustainable capital is expected to be directed towards transition finance, presenting a huge opportunity for businesses.
This session will begin with presentations on the WFE’s Accessing Transition Finance: A Practical Guide for Issuers, the evolving role of green equity designations and the WFE's recently launched Transition Equity Principles.
The discussion will then explore how businesses can capitalise on the opportunities presented by the growth and evolution of transition finance, and how they can unlock transition-focused capital and investment. The session will also look at how exchanges and other financial market participants can facilitate the flow of capital towards credible and robust transition-related opportunities, including through the use of Equity Designations, and support informed and efficient capital allocation where it is needed most.
The panel will explore the following questions:
- What distinguishes credible transition finance from conventional financing or green-labelled products, and why is it important that issuers consider their eligibility for transition-focused financing?
- How is the market for transition finance evolving and what new offerings are emerging that issuers can take advantage of?
- How can issuers position their business to maximise their access to transition finance?
- What can exchanges and other financial market participants do to facilitate the flow of capital towards credible and robust transition-related opportunities, including for the hard-to-abate sectors that need it most?
- What is next for transition finance?
Moderator
Speakers
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11:20 - 11:45:
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11:45 - 12:40:
Session 9: Beyond Climate: Expanding the Sustainability Frontier
As sustainable finance matures, climate is no longer the sole organising principle of market innovation. Nature loss, social resilience and just transition considerations are increasingly shaping investor expectations, regulatory agendas and product development across global markets. For exchanges and issuers, the next phase of sustainability integration will require embedding these emerging themes into market infrastructure, listing frameworks and capital-raising instruments.
This session explores how exchanges can lead the next wave of sustainability integration - moving beyond climate risk toward a broader sustainability architecture that incorporates biodiversity, land use, social inclusion and gender equity. It will examine how market infrastructure can support innovation in areas such as biodiversity credits, nature-linked instruments, sustainability indices and social or gender-focused bonds, while maintaining proportionality and investor confidence. The discussion will also consider how just transition principles can be reflected in product design and disclosure frameworks without fragmenting markets.
A focused presentation highlighting Luxembourg’s experience in sustainable bond innovation, including gender and social bonds, and how these instruments are evolving from niche products into investable asset classes with measurable impact and growing institutional demand. The panel will explore:
- What lessons from green bond markets can inform the development of biodiversity credits, nature-linked instruments and social finance products?
- How can exchanges embed just transition and social impact considerations into market design without diluting credibility?
- What role do gender bonds and social bonds play in aligning sustainability objectives with measurable development outcomes?
- How should exchanges approach emerging markets such as nature credits or biodiversity indices while maintaining transparency and avoiding fragmentation?
- How can sustainability product innovation remain globally interoperable as jurisdictions adopt different regulatory approaches?
- Looking ahead, what will define the next wave of sustainability integration in capital markets over the next five years?
Moderator
Speakers
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12:40 - 14:00:
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14:00 - 14:30:
Session 10: Academic Session on 'When Does Climate Risk Get Priced? Policy Clarity and Environmental Trading Sensitivity'
The session will begin with a presentation on Dr. Maryam Alhalboni's paper, 'When Does Climate Risk Get Priced? Policy Clarity and Environmental Trading Sensitivity', followed by a discussion and Q&A.
Financial markets are increasingly expected to price climate transition risk as a material determinant. However, it has been observed that persistent and publicly observable differences in environmental characteristics are not continuously reflected in valuations. This raises a fundamental question: why does identical environmental information generate strong, coordinated market responses in some periods but weak or negligible responses in others?
In the paper, the authors propose and test an explanation centred on procedural policy clarity. Using shifts in U.S. participation in the Paris Agreement as a natural experiment they find that trading sensitivity to environmental performance collapsed during periods of policy ambiguity, but reactivated once the regulatory framework became procedurally resolved - even where the resulting policy direction was environmentally less ambitious. The results indicate that credible and stable policy frameworks may be as important as policy ambition itself in enabling markets to price transition risk effectively.
Moderator
Speaker
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14:30 - 15:40:
Session 11: Scaling Sustainability Without Fragmentation: Designing Proportionate Global Frameworks
As sustainability disclosure frameworks move from development to implementation, attention is turning to how they scale across different market contexts. SMEs and smaller-cap issuers - particularly in emerging and growth markets- are central to economic development and the global transition, yet face distinct capacity and proportionality constraints.
Alongside the global baseline established by the International Sustainability Standards Board, Europe has introduced a voluntary SME model through EFRAG, while exchanges across Africa and the Gulf are developing proportionate approaches tailored to local realities.
Ensuring that smaller issuers can access transition finance without facing fragmented or cumulative reporting burdens is increasingly a question of market fairness. If large-cap issuers define the baseline, smaller issuers must not be priced out of the transition.
The panel will discuss
- What have been the most practical challenges in implementing sustainability reporting for smaller and growth-market companies, and where have existing frameworks proved difficult to operationalise?
- How can proportionality be embedded in sustainability reporting while preserving credibility and comparability across jurisdictions?
- As regional SME models evolve, are we seeing convergence in design principles or growing divergence in practice?
- Under the global baseline, how should scalability be approached for smaller issuers, and is additional guidance needed to support consistent implementation?
- From a capital allocation perspective, what sustainability information is genuinely essential for financing SMEs in emerging markets, and where can flexibility be accommodated?
- Looking ahead to 2030, what would success look like in achieving a proportionate, globally usable sustainability framework for SMEs that supports comparability and a just transition?
Moderator
Speakers
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15:40 - 16:35:
Session 12: The Future Architecture of Carbon Markets: Integrity, Interoperability and Scale
Carbon markets are evolving rapidly. Compliance systems are expanding across jurisdictions, voluntary markets are undergoing integrity reforms, and exchanges are increasingly developing infrastructure for environmental commodities trading. At the same time, companies and investors are seeking clarity on how carbon pricing mechanisms fit within credible transition strategies.
As jurisdictions design distinct carbon market models, questions arise around interoperability, transparency and market confidence. This session examines how carbon markets - voluntary and compliance - can develop as credible, scalable and internationally usable instruments. It will explore the role of integrity initiatives, financial institutions and exchanges in strengthening price signals and supporting real-economy transition.
The session will begin with a keynote speech that will reflect on:
- The evolution of voluntary carbon markets and lessons learned.
- Strengthening integrity and quality assurance.
- The relationship between voluntary standards and compliance systems.
- Why credibility is foundational to scaling demand and supporting real-economy transition.
The panel will then explore:
- How have recent integrity initiatives reshaped confidence in voluntary carbon markets, and what further steps are needed to strengthen market trust?
- How should compliance and voluntary carbon markets evolve in parallel, and where is alignment necessary to avoid fragmentation?
- What role can exchanges play in enhancing transparency, liquidity and market oversight in environmental commodities?
- Is greater interoperability across jurisdictions feasible, or will carbon markets remain regionally distinct in practice?
- How should companies integrate carbon markets into broader transition strategies while avoiding overreliance?
- What would a credible, scalable and internationally connected carbon market ecosystem look like by 2030?
Moderator
Speakers
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16:35 - 16:50:
Closing Remarks
Speaker
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