Building a Sustainable and Integrated Capital Market for the Region

By: The WFE Interviewee Team Dec 2025

At nuam, the Regional Holding that integrates the Santiago, Colombia and Lima Stock Exchanges, we believe it is possible to transform regional financial markets, creating new opportunities for prosperity. That is why we dare to build an integrated capital market with greater scale and liquidity, one that drives economic growth and contributes to the region’s sustainable development. 

For nuam, sustainability is the guiding  principle of our market’s development and a driver of competitiveness. Under this vision, we work to develop a strengthened market infrastructure for a deeper and more liquid capital market, promoting practices that foster long-term value creation for all participants. 

In 2025, we took important steps forward with the launch of our sustainability strategy. This stems from understanding our role in the market and our ability to generate positive impacts. This strategy is centred on the company’s purpose. Nuam has a roadmap with clear goals through 2050, aimed at consolidating a capital market that is inclusive, transparent and committed to the region’s sustainable development. 

Within this framework, one of the areas  in which we seek to deepen our impact is the environmental sphere. This year, we measured and verified our Carbon Footprint again using the world’s leading standard Greenhouse Gas (GHG) Protocol methodology. Likewise, in 2025 we took a major step by offsetting 100 percent of our corporate footprint, supporting high-impact environmental projects in Chile, Colombia and Peru. 

Additionally, with the Board’s support, we approved and launched the Decarbonisation Plan — a key step that reinforces our institutional commitment to responsible emissions management. This plan sets a trajectory to move toward operations with a lower environmental impact, with targets for 2034 and 2050. Through concrete actions in energy efficiency, sustainable mobility  and resource optimisation, we aim to align our management with international standards and the expectations of markets and stakeholders. 

Along this path, and with the goal of being at the forefront of disclosure practices, the company developed its first TCFD (Task Force on Climate-related Financial Disclosures) after a comprehensive diagnostic exercise. This document seeks to strengthen nuam’s corporate risk management by identifying 10 climate risks and four opportunities, analysed and based on their potential financial impact, likelihood of occurrence and time horizon. This exercise enables the integration of climate considerations into strategic decision-making, improves business resilience and advances greater transparency for investors, regulators and other stakeholders. 

The sustainable bond market showed outstanding performance in 2025, with growth to date of 95 percent compared to 2024, reflecting the increasing commitment of issuers and investors to sustainable finance. One of the most significant milestones was Arauco’s issuance in Chile for more than USD $800 million, the largest in the history of the Chilean market,  reaffirming regional leadership in mobilising capital toward projects with positive environmental and social impact. 

Also in 2025, the first blue bonds were issued in the Chilean market, raising more than USD $200 million, underscoring the commitment of various actors to marine and ocean conservation. These instruments expand the scope of sustainable financing into new environmental dimensions, promoting the protection of aquatic ecosystems and the responsible use of natural resources. 

Furthermore, with the aim of promoting best practices in the market, and in partnership with the Sustainable Stock Exchanges Initiative (SSE) and the IFRS Foundation, training sessions were held in Peru on IFRS Sustainability Disclosure Standards (IFRS S1 and S2). These sessions strengthened market capabilities in ESG reporting and information management, promoting the adoption of new international standards among issuers, investors and other financial ecosystem actors. 

At nuam, we believe sustainability is a path built every day with conviction and consistency. That is why we aspire to lead by example, integrating environmental, social and governance management into every decision we make. We face new challenges with optimism and commitment, convinced that financial markets have the power to be a transformative force for the region’s sustainable development.