Finance Minister emphasises the need for ESG standards in Africa for sustainable investment

Renganaden Padayachy declared in Paris yesterday, October 30, at the opening of the EMnet meeting on Africa organized by the Organisation for Economic Co-operation and Development (OECD), that sustainable development and long-term prosperity in Africa are a complex journey.

The Finance Minister recognised the need for Africa to attract more, and smarter investment and stated that the journey toward sustainability and prosperity for Africa is a complex one.

Padayachy emphasised that Africa remains the continent with the largest potential for growth because of its promising investment opportunities and a rapidly growing active population.

He also stated that Mauritius has placed sustainability, social inclusion, and good governance at the forefront of its agenda and has achieved an historic low Gini coefficient of 0.304 and an 8.9% GDP growth in 2022 while conforming to OCED tax standards and 40 FATF recommendations.

Padayachy concluded that promoting ESG standards and compliance in their part of the world would be essential for ensuring that investments are sustainable long-term solutions and mentioned that renewable energy sources were prioritised, and a sustainable finance framework was launched last month.

The objective of the framework is to issue the first green, blue, or social sovereign bond to finance part of the USD 6.5 billion or 50% of their national GDP necessary to achieve their climate agenda goals by 2030.

Source: l’Express