Seneca Impact Advisors, represented by Jean-Marc Champagne, was honored to be invited by the Securities Commission Malaysia to participate in the 15th Annual Roundtable on Restoring Humanity in Finance at the Oxford Centre for Islamic Studies. We had the privilege of discussing alongside Dame Susan Rice, Mr. Vikas Arora, Ms. Andreea Anastasiu, and Mr. Haithem Kader. During the event, we explored the global community’s growing awareness of the need to channel public and private financing towards climate- and nature-positive projects. However, we also recognized the numerous challenges and setbacks faced by the sustainable finance sector.
In the realm of environmental, social, and governance (ESG) criteria, misleading representations are a significant concern. These issues range from the misuse of the term “ESG” to false claims about additionality and the overestimation of carbon removal and biodiversity benefits. Such misrepresentations can undermine the credibility of ESG initiatives and mislead stakeholders about the true impact of their investments.
To address these controversies, various organizations have developed their own impact standards. However, each set of criteria is tailored to a specific target audience, often resulting in standards that are either too broad for effective monitoring and evaluation or too narrow to be practically applied across different industries and project types.
The session did not aim to offer a one-size-fits-all solution for impact and sustainability measurement. Instead, we focused on examining the structure and calibration of various criteria to provide insights into selecting the most relevant standards for an organization and its stakeholders. By understanding these nuances, we can ensure that the chosen standards are both practical and robust, leading to more accurate and meaningful impact assessments.
Special Address by HRH Sultan Nazrin Muizzuddin Shah, Sultan of Perak, Malaysia and the Royal Patron for Malaysia’s Islamic Finance Initiative. Seated from the left are Dato’ Mohammad Faiz Azmi, Executive Chairman, Securities Commission Malaysia and Dr. Farhan Nizami, Director, Oxford Centre for Islamic Studies UK
