Unlocking capital flows will be critical to closing the gap between Indigenous and non-Indigenous Australians.

Investors are key to shaping an economy that creates lasting, shared value and prosperity while mitigating risks. Yet, despite the surge in responsible investing, a critical blind spot remains: how investment decisions truly engage with and impact First Nations peoples in Australia.  

To bridge this gap, the Responsible Investment Association Australasia (RIAA) is proud to launch Charting the Path, a groundbreaking First Nations-led research paper that shines a light on the current state of First Nations investment. This landmark report sets out the actions needed to build a credible, scalable and values-aligned market that honours culture, fosters truth and delivers genuine impact.

The paper’s lead author, Caleb Adams, Director of ESG and Sustainable Investment at Evans & Partners said, “The research highlights that First Nations rights, values and ambitions present material opportunities and risks for investors across the Australian economy, and abroad. A consistent theme throughout the research was the potential for shared value – where First Nations prosperity and investor outcomes reinforce one another. However, many of the most promising opportunities remain unrealised.  

Looking ahead, our ability to connect First Nations leadership and voices with non-Indigenous investors, to translate diverse notions of value into investment practice, and to establish effective investment vehicles and institutions will all be critical to building a robust and appropriate First Nations investment market.

The research invites investors, communities and policymakers to collaborate, innovate and pilot new solutions in order to realise the full potential of the First Nations economy.”

Charting the Path offers pathways to build an investment market that reflects and amplifies the inherent strength of the First Nations economy which is grounded in Country, culture, governance, enterprise and intergenerational stewardship of land and resources. The paper provides three interconnected pathways to guide a scalable and inclusive investment market:

• Representation: Increasing the participation and leadership of First Nations peoples, communities and enterprises across the investment ecosystem.
• Systems alignment: Transforming institutionalised investment norms, governance, and accountability mechanisms to reflect and uphold First Nations rights, values, and ambitions.
• Capital flows: Enabling and directing the flow of investment capital to support First Nations-led economic development and community wellbeing.

“Charting the Path aims to equip investors with the tools and knowledge to deepen their engagement with First Nations economies. Through its proposed Theory of Change, it lays a strong foundation for industry action, particularly addressing systemic barriers. It makes a compelling investment case for aligning capital with First Nations priorities—recognising this can support risk management, unlock unique opportunities, and support portfolio development that is more inclusive and sustainable,” shared William Leak, Project Lead and Co-Chair of RIAA’s First Nations Peoples’ Rights working group. William is a Senior Sustainable Investment Analyst in Mercer’s Pacific investment management team.  

The paper lays the foundation for future research, collaboration and innovation. RIAA invites all stakeholders to join this important conversation and help build an investment ecosystem that honours Country, culture, and community—creating long-term prosperity and a more inclusive economy for all Australians.

RIAA Co-CEO Estelle Parker shared, “This is not simply about participation; it’s about a finance system grounded in self-determination and respect. By aligning capital with the rights and values of First Nations peoples, Australia can lead globally in directing capital in a way that is just and built to last.”

The paper launches today on Gadigal Country, with an in-person event featuring a keynote by lead author Caleb Adams and a panel of industry experts.

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For further information, please contact Ada Tso, Head of Marketing & Communications, RIAA, ada@responsibleinvestment.org, +61481308718

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