Oct 18, 2023 – Central Bank of Armenia (CBA), a SBFN member since 2021, unveiled the first national Sustainable Finance Roadmap in October 2023.
The Roadmap is a response to growing climate risks facing the country, as well as an existing gap to finance sustainable development. It outlines the CBA’s expectations and planned actions to advance sustainability in the financial sector covering a range of financial market participants, including banks, credit institutions, insurance, and asset managers. Incorporating good international practice and building on the national sustainability commitments, four interlinked pillars of the Roadmap aim to:
- Mobilize capital for green and social investment, including through Green, Blue, Social, Sustainability and Sustainability-linked (GBSSS) loans and bonds;
- Enhance market development through research and improved data;
- Embed sustainable finance into the supervisory framework by incorporating sustainable finance reporting standards into industry guidelines, integrating ESG into corporate governance standards, and introducing ESG disclosures and inclusive green finance policies;
- Build awareness and knowledge within CBA and the sector.
In conjunction with the Roadmap development, CBA conducted an evaluation of the impact of climate risks on the financial system. The Bank has embarked on capacity building for financial sector participants, covering priority areas such as climate risk and financing the green economy.
“We congratulate Central Bank of Armenia on this milestone,” said Rong Zhang, SBFN Global Coordinator. “CBA has taken a systematic, multi-stakeholder approach to developing their roadmap and has already begun implementing important ESG and climate-related policy measures. We look forward to tracking the country’s journey and drawing valuable insights to share with the SBFN community.”
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