IFC and SPX Launch ESG Program in Fiji to Boost Sustainable Growth, Spur Investment

Fiji aims to benefit from good business practices on environmental, social and governance (ESG) standards, helping to drive investment and contributing to inclusive, sustainable economic growth by aligning its capital market with global standards. 

Under a recently signed agreement, the South Pacific Stock Exchange Pte Limited (SPX) and IFC, with support from the governments of Australia and New Zealand, will work together to introduce new ESG practices to Fiji’s capital market.

Through this agreement, IFC will provide in-depth technical assistance to the SPX, training its staff and associates on good international industry ESG practices. The SPX collaboration with IFC will also develop an ESG curriculum for training organizations.

“Strengthening policies in accordance with the best industry practices is fundamental in creating a strong and dynamic capital market,” said SPX Executive Director, Gyanesh Rueben.”

“This is an exciting opportunity for the SPX to participate in this world-class training of trainers in Fiji, enabling us to help local trainers to improve their knowledge, which will help create stronger businesses and better investment opportunities. We are delighted to be working with IFC to encourage and promote best industry-based practices in Fiji capital market.”

IFC’s collaboration with the SPX comes under a broader initiative which aims to improve ESG practices and performance across the Pacific, increasing awareness and access to training and advice, and ultimately facilitating increased investment in the private sector.

“Investors are increasingly paying more attention to ESG standards,” said Judith Green, IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands. “It is well known that companies with robust ESG practices tend to outperform their peers, are better prepared for uncertainty, avoid regulatory interventions, and maintain their social license to operate.”