Sustainability Criteria Now Influence Most Investment Decisions in Tunisia
Sustainability criteria are now a major factor in investment decisions, and Tunisia is no exception. According to analyses presented by Walid Masmoudi, a chartered accountant, at the Inside Sustainability seminar held on October 29, 2025, in partnership with The International EPD System, 91% of global investors now require precise information on Environmental, Social, and Governance (ESG) performance before making any financial commitment.
Towards a New Culture of Sustainability
This shift is profoundly changing the way Tunisian companies are evaluated and financed. According to Masmoudi, more than 56% of investors have already halted transactions due to insufficient ESG results, while 40% have seen a decrease in valuation at the time of exit. He estimates that considering sustainability is now "a necessary step for companies wishing to attract financing or strengthen their credibility in the market."
The expert also highlighted the importance of complementary ESG due diligence in addition to traditional financial evaluation, in order to analyze the resilience and non-financial risks of companies. Tunisian industrial sectors are particularly exposed, especially in terms of waste management, polluting emissions, and regulatory compliance.
The Need for Local Expertise in Environmental Measurement and Certification
Imed Gharbi, an expert in Low Carbon Transition Strategy 2030-2050, emphasized the need to strengthen local skills in measuring and certifying environmental footprint. He noted that carbon footprinting often remains approximate in Tunisia due to the lack of independent verification bodies. "Many assessments are still based on assumptions, which limits their credibility," he observed, while also calling for consideration of water footprint, a crucial issue in the Tunisian context.
The Role of Environmental Product Declaration (EPD)
Both speakers recalled the structuring role of the Environmental Product Declaration (EPD), which allows for the quantification of a product's environmental impact through several indicators, including water consumption, energy consumption, and CO₂ emissions.
Creating a Culture of Sustainability Adapted to the Local Context
For Gharbi, the priority is to create a culture of sustainability adapted to the local context. "International standards, such as the Global Reporting Initiative (GRI) or the RSE Tunisie label, must be adjusted to our economic and environmental realities," he added.
Conclusion
Through this seminar, Forvis Mazars and its partners highlighted a clear finding: sustainability is becoming a key factor in competitiveness and attractiveness for Tunisian companies, which must align with international standards to remain in the running for investments.
