The Papua New Guinea Stock Exchange, PNGX Markets, has become a member of the UN Sustainable Stock Exchange (SSE) initiative. The SSE initiative is UN Partnership Programme committed to promoting sustainable development around the world. By joining, PNG will be the newest partner in a network of 114 international stock exchanges.

The SSE initiative aims to provide a platform for exchanges to explore and promote improved environmental, social, and corporate governance (ESG). It also encourages sustainable investment and includes financing UN Sustainable Development Goals.

The initiative aims to achieve its mission through its forum for multi-stakeholder consensus-building, evidence-based policy analysis, and advisory services and technical assistance.

Mr David Lawrence, the PNGX Chairman, said, “Partnering with the SSE initiative complements the goals PNGX is striving towards to help develop the Papua New Guinea capital markets and support the sustainability of the PNG economy.”

As an emerging economy, Papua New Guinea faces a number of sustainability challenges. These include corporate governance and transparency, lack of access to capital for SMEs, gender equality, climate change and environmental sustainability.

By joining the UN Sustainable Stock Exchange initiative, PNGX shows its commitment to the importance of sustainability and the promotion of ESG values.

Mr Lawrence said, “As part of a network of like-minded exchanges, PNGX can draw upon the resources of the SSE and its members and partners to develop locally relevant guidance and standards to support the development and sustainability of the local economy.

“While sustainability-based finance is not yet well developed in Papua New Guinea, joining SSE will have direct relevance by assisting PNGX to give companies the tools they will need to access future finance.”