This project served as a pivotal step in aligning Cambodia’s financial sector with global ESG standards. With deep involvement from GG International’s seasoned advisors and longstanding national experts, the initiative not only bridged technical gaps but also built institutional momentum for inclusive, accountable, and sustainable financial governance.
— Cambodia —
inclusive. sustainable. transformative.
Advancing Inclusive Finance: Embedding ESG Principles in Cambodia's Financial Sector
"Fair Finance Cambodia, an overarching umbrella of Oxfam in collaboration with NBC, ABC and Fair Finance Coalition, will continue this journey of commitment, consistency and continued communication strategy towards adhering to environmental, social and economic sustainability."
— Oxfam in Cambodia
Challenge
In 2020, Cambodia's financial sector encountered serious structural limitations in embedding Environmental, Social, and Governance (ESG) principles into financial operations. The absence of standardized ESG reporting mechanisms, combined with low institutional awareness and limited rural outreach, hindered progress toward sustainable finance.
Marginalized communities—especially in rural provinces—remained excluded from financial services that factored in social or environmental safeguards, widening socioeconomic disparities and undermining resilience to external shocks.
Strategy
Between July and September 2020, Oxfam Cambodia, with support from the Swiss Government, launched a targeted initiative to confront these barriers. At the core of the project was the development of a strategic blueprint to mainstream ESG-aligned finance across the Cambodian financial ecosystem.
GG International was appointed to deploy its international telco and financial sector legal experts in support of the initiative. The advisory team was led by Shaan Stevens and Russell Leith—both of whom have advised the Cambodian government on every financial sector development strategy since 2007.
Their established linkages with regulators, policymakers, and private sector stakeholders ensured that reform proposals were both technically sound and politically grounded.
- Developing ESG Reporting Frameworks: Drafted contextualized guidelines for financial institutions to assess, report, and mitigate ESG risks.
- Stakeholder Engagement: Led inclusive consultations with financial institutions, regulators, and civil society to ensure practical relevance and buy-in.
- Capacity Building: Delivered targeted training modules to enhance the institutional understanding and application of ESG practices.
- Policy Recommendations: Formulated policy guidance to integrate ESG standards into the national financial sector regulatory architecture.
Transformation
The initiative resulted in significant policy and institutional shifts that laid the groundwork for a sustainable and inclusive financial future in Cambodia:
- Enhanced ESG Integration: Financial institutions initiated internal alignment with ESG frameworks, improving risk transparency and responsible investment protocols.
- Increased Financial Inclusion: ESG-led microfinance and micro-insurance products expanded access for underserved and vulnerable populations.
- Policy Advancements: Project recommendations directly influenced regulatory priorities, accelerating ESG integration at the national level.
- Cross-Sectoral Collaboration: The initiative strengthened partnerships between government, private sector actors, and civil society, institutionalizing a shared vision for sustainable finance.