Latest News – April 16, 2024: SBFN launched its 2024 Global Progress Brief and new Data Portal

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On World Environment Day, the International Finance Corporation (IFC) in the Philippines kicked off its 2nd Climate Forum, a pivotal event dedicated to fostering discussions and actions towards the net-zero transition for Micro, Small and Medium Enterprises (MSMEs). Held from June 5 to June 7, 2024, the forum convened key stakeholders including the Bangko Sentral ng Pilipinas (BSP), an SBFN member since 2013, Securities and Exchange Commission Philippines, Hong Kong Monetary Authority, and significant private sector partners such as The Alliance for Green Commercial Banks, Bank of the Philippine Islands, RCBC, GCash, and Maya.
Established in 2001, the CBCG is responsible for monetary policy, and the establishment and maintenance of a robust banking system and an efficient payment system. In response to the pressing challenges of sustainability, the CBCG has enacted policies to strengthen its financial system's resilience. In line with this commitment, in 2022 it adopted the Central Bank of Montenegro Policy Related to Climate Change Challenges and also joined the Network for Greening the Financial System.
ABANC, a non-profit organization, represents all banks in Angola while fostering inclusivity and independence within the banking sector. Founded with the aim of fortifying Angola’s financial infrastructure and fostering stronger ties with society, ABANC is committed to nurturing a resilient banking sector that aligns with the nation’s evolving needs. Prioritizing ESG and sustainable finance, ABANC has initiated a dedicated task force to execute its strategic agenda, targeting key milestones over the next 2 to 3 years: (i) promoting alignment with global sustainable finance standards, (ii) fostering innovation, credibility, and operational efficiency in banking practices, and (iii) facilitating strategic alliances for the association and its members.
In a concerted effort to embrace Environmental, Social, and Governance (ESG) principles and Sustainable Finance practices, Banking Associations (BAs) across the Western Balkans gathered for a Training of Trainers (ToT) event on April 26, 2024. Organized by IFC's Integrated ESG Program in collaboration with the Sustainable Banking and Finance Network (SBFN) and Sustineri Partners, the event unfolded under the auspices of the ESG Adria Summit
The 2024 Global Progress Brief highlights key achievements, challenges, and opportunities within the SBFN community across three pillars of sustainable finance defined in the SBFN Measurement Framework developed by members: Environmental, Social, and Governance (ESG) Integration, Climate and Nature-Related Risk Management, and Financing Sustainability.
AMB, a non-profit organization dedicated to improving the performance of the banking sector in Montenegro, has demonstrated remarkable dedication and tangible progress in fostering an environment conducive to sustainable finance. Notably, AMB has spearheaded various sustainability initiatives within the banking sector, including the Green Finance Forum, a collaborative effort with the Chamber of Commerce of Montenegro. This platform provided banks with an opportunity to showcase sustainable finance projects, with a particular focus on empowering young entrepreneurs and women in business.
In an effort to raise environmental, social and governance (ESG) standards, BPNG actively encouraged sustainability initiatives within the banking sector and launched the Inclusive Green Finance Policy (IGFP) project initiative in 2021, aiming to deepen insights into climate resilience and inclusive green growth in Papua New Guinea. A cornerstone of this effort is the establishment of a dedicated Green Finance Center by BPNG to spearhead the implementation of the IGFP and drive green finance-related initiatives.
The Sustainable Banking and Finance Network (SBFN) is pleased to announce the official commencement of its collaboration with the National Bank of Tajikistan (NBT). In a working session held on April 2, the Chairman of the National Bank of Tajikistan, Tolibzoda Firdavs, engaged in discussions with representatives of SBFN and the International Finance Corporation (IFC) regarding the goals and expectations of NBT’s membership in SBFN.
CRMS is an integrated framework that includes aspects of governance, strategy, risk management and disclosure to assess the resilience of bank business models and strategies in facing climate change in the short, medium and long term. The initiation of guidance development related to climate risk management in Indonesia itself has been started since 2023 through the issuance of initial guidance which is further developed to be more comprehensive as outlined in the 2024 CRMS Guideline document.
The Bank of Albania has demonstrated significant commitment and tangible progress in fostering a conducive environment for sustainable finance. This includes the development and approval of the Green Medium-Term Strategy 2023-2025 for “Management and Supervision of Climate–related Financial Risks in the Financial Sector”, which outlines a comprehensive action plan focusing on capacity building, research, risk assessment, and the promotion of international and local cooperation in the realm of sustainable finance.
Makhtar Diop, IFC's Managing Director, has called for global alignment of sustainable finance taxonomies to direct capital to urgent common goals, such as addressing climate change. He explains that, while each country has its own needs and priorities, policymakers and regulators can identify common design features, align impact metrics and accounting standards, and embrace an “adopt or adapt” approach — borrowing templates or criteria from others and adjusting as needed.
ABJ is the banking association of Jordan which was established in 1978. As an esteemed member of the Union of Arab Banks, ABJ is dedicated to enhancing the banking industry. The core objectives encompass safeguarding the interests of its members, modernizing banking services, fostering comprehension of banking practices and standards, and maintaining adherence to unified regulations and procedures.
The Azerbaijan Micro-Finance Association (AMFA) has joined the Sustainable Banking and Finance Association (SBFN), solidifying AMFA’s commitment to advancing sustainable and equitable economic growth in Azerbaijan. Established in 2001, AMFA has grown to become a prominent professional association representing 27 members, consisting of 22 non-bank credit organizations, three banks, a credit union and a leasing company.
The Central Bank of the Republic of Kosovo (CBK) has become a member of the Sustainable Banking and Finance Network (SBFN) in conjunction with its efforts to advance sustainable finance practices and fortify the financial system's resilience to climate-related and environmental risks. CBK regulates and supervises a range of financial institutions, including banks, insurers, pension funds, microfinance institutions, non-bank financial institutions, and insurance intermediaries.
Observing its 40th anniversary under the theme “ECCB@40: A Year of Reflection, Celebration and Implementation,” the Eastern Caribbean Central Bank (ECCB) recently held a three-day Global Conference in collaboration with Central Banking Publications. The forum, which attracted 120-plus central bankers, including 15 governors and deputy governors from all seven continents, addressed crucial topics such as greening the financial system, reserves management, fintech, and central bank digital currencies (CBDCs).
TBA was formed in 1995 as an association of banks and financial institutions in Tanzania. TBA together with its members act as a main contributor and facilitator of economic growth in the country ensuring the sustainability of the banking sector in the country. TBA supports the development of sustainable finance in the country by formulating and implementing sustainable finance policies with clear environmental, social, and governance (ESG) guidelines.
During a recent 39th Chairs’ meeting of the ASEAN Capital Markets Forum hosted by the Financial Services Authority of Indonesia (OJK) focusing on sustainable capital markets, several key actions were taken to enhance sustainability practices in the financial sector. The meeting attendees endorsed the ASEAN Transition Finance Guidance, establishing a common standard for transparent and inclusive transition finance. Additionally, they approved the revised ASEAN Corporate Governance Scorecard, aligning it with the updated G20/OECD Principles of Corporate Governance, emphasizing sustainability-related governance.
IFC and the Central Bank of Kenya (CBK) with support from the Sustainable Banking and Finance Network (SBFN) convened the inaugural Africa Climate Business Forum, bringing together approximately 300 senior executives. The IFC/CBK Climate Forum created a platform for dialogue and collaboration among private sector stakeholders, government officials, and thought leaders on crucial economic and business issues related to accelerating climate finance.
The Sustainable Banking and Finance Network (SBFN) welcomes Bankers Association of Zambia (BAZ) as its newest member. Founded in 2008, BAZ is a membership- based organization representing 17 registered and licensed commercial banks in Zambia. The Association supports its members in developing sustainable green solutions, builds capacity in green finance, and contributes to important sustainability discussions in the country.
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.
The Central Bank of the Republic of Kosovo (CBK), Kosovo Banking Association (KBA), Sustainable Banking and Finance Network (SBFN), and International Finance Corporation (IFC), a member of the World Bank, in partnership with the Swiss State Secretariat for Economic Affairs (SECO), on 5 October 2023 convened the Sustainable Finance Forum in conjunction with efforts to promote sustainable banking and environmental, social, and governance (ESG) integration in the country.
On May 25, 2023, the Union of Banks of Kyrgyzstan organized the 8th annual Bishkek International Financial Forum (BIFF) with the theme "Technologies, Opportunities, Sustainable Development." The forum aimed to facilitate professional communication, partnership, and growth within the financial sector. Co-organized by the National Bank of the Kyrgyz Republic, the United Nations Environment Programme (UNEP), and the International Finance Corporation (IFC), the event featured speakers from various countries.
Sustainable Finance Week 2023 was held in Ulaanbataar, Mongolia from 13 to 16 June in celebration of the tenth anniversary of the Mongolian Sustainable Finance Initiative, a globally recognized example of public-private partnership to scale up sustainable finance. The event was hosted by the Office of the President of Mongolia in partnership with the Mongolian Sustainable Finance Association, Sustainable Banking and Finance Network (SBFN), International Finance Corporation (IFC), Institute of Finance and Sustainability (IFS), and Trade and Development Bank of Mongolia (TDBM).
The Sustainable Banking and Finance Network (SBFN), Bank of Central African States (BEAC), and IFC, a member of the World Bank Group, hosted an international forum on sustainable finance in Douala, Cameroon, on May 8-9, 2023. The event was attended by nearly 200 senior officials representing financial sector regulators and industry associations from more than 20 African countries.
The Central Bank of Azerbaijan (CBAR), a Sustainable Banking and Finance Network (SBFN) member since 2022, published the country’s first Sustainable Finance Roadmap in February 2023.  The Roadmap sets out the country’s ambition for sustainable finance for the period 2023-2026 and aims to ensure both sustainability of the financial sector to the environmental, social and governance (ESG) risks and the realization of green finance opportunities.
The Sustainable Banking and Finance Network (SBFN) welcomes the Securities and Exchange Commission of Zambia (SEC) as its newest member. SEC is the regulator of the capital markets in Zambia and was established in 1993 through an Act of parliament. The SEC is responsible for the supervision and development of the Zambian Capital Markets, as well as licensing, registration and authorization for financial intermediaries, issuers of debt and equity instruments and collective investment schemes.
In December 2022, at the invitation of the Ministry of Ecology and Environment, and under the guidance of the China Banking and Insurance Regulatory Commission (CBIRC), the China Banking Association (CBA) held a side event on Bank’s nature and climate initiatives during the second phase of the 2020 UN Biodiversity Conference (COP15).
National Bank of Georgia, IFC, and SBFN co-hosted the 4th annual Sustainable Finance Forum in Tbilisi, Georgia, in partnership with the State Secretariat for Economic Affairs in Switzerland (SECO). The event has increased its global reach over the years and was attended by over 300 participants from 55 countries both in person and virtually.
The European Union (EU) Platform on Sustainable Finance published “Platform recommendations on Data and Usability as part of Taxonomy reporting” and a "Final Report on Minimum Safeguards of the EU Taxonomy", which provide important insights into the implementation of the EU Taxonomy and application of minimum safeguards.