Norway is the most sustainable country for investors, according to Bank Degroof Petercam.
The Nordic country moved up to the number one slot in the Belgium-based bank’s ranking of sustainable countries from fourth place last year. Denmark was number two. Switzerland was third.
“The sustainability ranking allows the identification of countries which have fully integrated global challenges in their development of medium-term objectives,” said the bank in a statement.
The least sustainable country was Turkey, where the central government has accumulated vast powers while building a record of cracking down on civil liberties amid economic headwinds and a challenging geopolitical landscape in the surrounding region.
Italy was the least sustainable country among the most advanced European economies.
Lack of robust investing, low access to the Internet, low research and development funding and too few university graduates suggest that Italy will not be prepared for a host of social, environmental and governance challenges in the future, according to the ranking. Without more attention paid to those issues, Italian leaders can’t fix other problems.
“The main weaknesses of the country are already known: the strength of institutions in transparency and democratic values, demographic developments in population, healthcare and wealth distribution, climate change in environment and finally the education driver in its whole,” the bank found.