The Papua New Guinea Stock Exchange (PNGX) is part of the  United Nations Sustainable Stock Exchange as its newest member, PNGX announced today.

PNGX announced that its membership to the UB body  had been “welcomed by the United Nations Sustainable Stock Exchange Initiative” saying PNGX had solidified its commitment to transparency and sustainability by becoming a partner exchange of the UN SSE initiative.

Exchanges around the world partner with the SSE to work towards a common objective of fostering financial markets that support the growth of sustainable and responsible business practices.

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

The newest partner joins a network of now 114 stock exchanges around the world that are committed to promoting sustainable development.

The SSE works with stock exchanges through technical assistance, consensus building, and research to contribute to the achievement of the United Nations Sustainable Development Goals (SDGs) and to stimulate investment for a sustainable future.

The Exchange recognizes the number of sustainability challenges that an emerging economy like Papua New Guinea face, which include access to capital for SMEs, corporate governance and transparency, climate change, gender equality, and environmental sustainability.

Addressing sustainability factors is of increasing importance to obtaining access to finance in today’s world and PNGX is committed to it.

“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” Mr Lawrence said.