Bid to boost Fiji’s investment potential with new ESG program

May 2, 2024 | Blog, News

A collaborative effort between the International Finance Corporation (IFC) and South Pacific Stock Exchange Pte Limited (SPX) aims to elevate environmental, social, and governance (ESG) standards in Fiji’s capital market, sparking interest and investment opportunities. The agreement, announced recently, will receive backing from the governments of Australia and New Zealand.

Under the partnership, IFC will provide comprehensive technical support to SPX, including training for staff and associates in globally recognised ESG practices. Additionally, SPX and IFC will jointly develop an ESG training curriculum, catering to various organizations in Fiji.

Expressing enthusiasm for the initiative, Gyanesh Rueben, Executive Director of SPX, sees this as a chance for Fiji to engage in top-notch training sessions.

This collaboration falls within a larger initiative by IFC aimed at enhancing ESG standards and performance throughout the Pacific region. By raising awareness and facilitating access to training and guidance, the program ultimately seeks to attract more investment into the private sector.

Judith Green, IFC’s Country Manager for Australia, New Zealand, Papua New Guinea, and the Pacific Islands, emphasises the growing significance of ESG standards for investors. She highlights the proven advantages of companies with robust ESG practices, noting their resilience to uncertainties, avoidance of regulatory issues, and maintenance of societal acceptance.

The introduction of this ESG program not only underscores Fiji’s commitment to sustainable business practices but also positions the country as an attractive destination for socially responsible investment, bolstering its economic prospects in the global market.