Oxfam Conducts Half-Day Training for Financial Sector

Oxfam and other stakeholders conducted here yesterday a half-day training to help key financial institutions better understand their role in securing a sustainable future and the business case for sustainable practices.

This event was conducted with the participation by representatives of more than 20 financial institutions. It mainly focused on building an understanding of the latest Environmental, Social and Governance (ESG)-related challenges for Cambodian banks, the need for integrating ESG criteria in investment decisions and, the role that financial sector can play in achieving sustainable development.

Oxfam Cambodia's Country Director, Ms. Solinn Lim said, this is increasingly being seen that for sustainable development to continue, Financial Institutions (FIs) need to take strong steps towards institutionalising ESG criteria in their core business decisions.

"The Fair Finance initiative in Cambodia, would like to extend our support to FIs and other public and private stakeholders in enabling the same. This event was a first step towards such a collaboration, and now we should strategise on a continued engagement towards building a more sustainable Cambodia, she underlined.

Dr In Channy, Chairman of the Association of Banks in Cambodia, said through the Cambodian Sustainable Finance Principles, "we strive to be a success story in Southeast Asia, while also strengthening the trust of external markets and investors in our adherence to international best practices."

The banking sector could make a significant contribution to a more sustainable and prosperous Cambodia by building people's awareness and leading by example, he stressed.

This event was held in collaboration between Oxfam in Cambodia and CSR Asia, and funded by the Swedish Embassy in Bangkok.

Source: Agency Kampuchea Press