Greece’s performance in terms of its sustainable development strategy receives recognition since, for the first time, our country has made the list of the fastest developing countries in terms of better management of sovereign wealth based on Environmental, Social, and Governance (ESG) criteria. This is an important first for our country, which placed high on the Scoreboard due to GROWTHFUND’s immediate response in adopting sustainability criteria in public asset management.
More specifically, Greece took 28th place, with a Governance, Sustainability & Resilience (GSR) Rating of 60%, among 100 countries participating in the Scoreboard GSR 2022, which assesses the progress of Governance, Sustainability & Resilience of State-Owned Investors of Sovereign Wealth Funds and State Pension Funds worldwide.
Greece’s recognition highlights GROWTHFUND’s role in properly managing public assets. Since 2021, GROWTHFUND has been an active member of One Planet Sovereign Wealth Funds (OPSWF), where, together with other leading Sovereign Wealth Funds worldwide, we aim to accelerate the transition to a sustainable low-carbon economy. At the same time, the Scoreboard performance acknowledges GROWTHFUND’s ongoing development on corporate governance and transparency issues.
The Scoreboard GSR is a ‘barometer’ that assesses best practices based on strict and impartial criteria. This year’s assessment showed that sovereign investors are making efforts to become more transparent and sustainable, but resilience is still an evolving concept that will be tested again in the current economic environment.
Greece’s 60% rating arises from the correlation of the GSR on a national level, among other parameters, with the public debt credit rating as measured by Standard & Poor’s, Moody’s and Fitch Ratings, which gave Greece an alphanumeric BB/BA2 rating (on a scale of D to AAA). This rating by the top three providers of transparent and independent ratings in the capital and commodity markets worldwide is tantamount to vital recognition of our country’s attraction of potential investors.