Latest News – 20 February 2024: SBFN Welcomes The New Member: Macedonian Banking Association


SBFN Sustainable Finance Instruments Working Group

About This Working Group

The Sustainable Finance Instruments Working Group (the former Green Bond Working Group) responds to members’ interest in the global green bond trend and other sustainable finance instruments.

It led to the 2018 report Creating Green Bond Market which mapped green bond market developments in over 22 emerging markets and included a practical toolkit for SBFN members.

The working group is currently chaired by Indonesia Financial Services Authority (OJK), National Treasury of South Africa and Latin American Banking Federation (FELABAN)

S&P predicts that the sustainable bond market will exceed $1.5 T in 2022 and Bloomberg has predicted that sustainable investments will reach $53 T AUM by 2022. IFC has similarly estimated $23 trillion in investment potential in climate-focused and green sectors in emerging markets between 2016 and 2030

SBFN members are committed to leveraging green and sustainability-focused capital flows to build resilient and inclusive economies. They are therefore interested in the tools and instruments that can be used to unlock the trillions of dollars in green, social, and climate-related investment opportunities in emerging markets

With this in mind, the SBFN Sustainable Finance Instruments Working Group aims to convene members and leading global partners in 2022 and 2023 to

  • Capture the experiences of SBFN countries in developing markets for sustainable finance instruments, with an initial focus on the development of national taxonomies for sustainable finance; and
  • Convene interested SBFN members in a dialogue on how to package these case studies and emerging best practice for the benefit of the wider SBFN community.

Initial focus on the global taxonomy trend

In recent years, a growing number of SBFN members have identified the development of national sustainable finance taxonomies as an essential tool to define and evaluate projects, assets, and activities that qualify as green, socially inclusive, and sustainable.

Clear definitions are crucial in mobilizing financial flows into sectors that have positive environmental and social impacts, and for ensuring that projects meet national environmental, social, and governance (ESG) risk management standards. The working group will therefore focus its initial phase of work on benchmarking taxonomy-related initiatives across the network and with global, regional, and developed market experiences.

Download Draft TOR | Download Draft Benchmarking Framework

Working Group Meetings

In February 2022, the working group hosted its first meeting.

Over 100 participants joined the 2-hour virtual discussion, representing SBFN members and partner organizations.

The meeting included presentations from a panel of experts active on the frontier of national taxonomy development and efforts towards global and regional convergence. 


Ms. Denise Odaro

Head of Investor Relations, International Finance Corporation

Chair of the Steering Committee of the Green and Social Bond Principles, ICMA – on the landscape of sustainable finance opportunities.

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Farah Imrana Hussain

Ms. Farah Imrana Hussain

Senior Financial Officer, World Bank : Emerging good practice and insights from World Bank Group experiences supporting emerging markets to develop taxonomies.

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Dr Ma Jun

Dr. Ma Jun

Chairman of Green Finance Committee of China Society for Finance and Banking, Co-Chair of G20 Sustainable Finance Working Group, Co-Chair of IPSF Taxonomy Working Group.s

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Ephyro Luis Amatong

Mr. Ephyro Luis Amatong

Commissioner at Securities & Exchange Commission, Republic of the Philippines

Experience of the ASEAN Capital Markets Forum in developing regional taxonomy – on the powerful example of collaboration among ASEAN countries on a joint taxonomy.

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Christelle van Vuuren

Ms. Christelle van Vuuren

Director, Carbon Trust, Africa

on the South African Process to develop a green finance taxonomy aligned with the EU approach.

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Working Group Co-Chairs

Enrico Hariantoro

Mr. Enrico Hariantoro

Group Head, Otoritas Jasa Keuangan (Indonesia, Financial Services Authority)

Vukile Davidson

Mr. Vukile Davidson

Chief Director: Financial Markets and Stability, National Treasury of South Africa

Giorgio Trettenero

Mr. Giorgio Trettenero

Secretary General, Latin American Banking Federation, FELABAN

Working Group Members

Click on the green bar below to search the table of contributing members and organisations.

You can also search keywords in each table by using the search box.

Asia & PacificCambodiaThe Association of Banks in Cambodia
Asia & PacificChinaChina Banking Association
Asia & PacificFijiReserve Bank of Fiji (RBF)
Asia & PacificIndonesiaIndonesia Financial Services Authority (OJK) (co-chair)
Asia & PacificMaldivesMaldives Monetary Authority
Asia & PacificMongoliaBank of Mongolia
Asia & PacificMongoliaMongolian Sustainable Finance Association (MSFA)
Asia & PacificPhilippinesBangko Sentral ng Pilipinas
Asia & PacificSamoaCentral Bank of Samoa
Asia & PacificSri LankaCentral Bank of Sri Lanka
Asia & PacificViet NamState Bank of Viet Nam
Eastern Europe and Central AsiaArmeniaCentral Bank of Armenia
Eastern Europe and Central AsiaGeorgiaNational Bank of Georgia
Eastern Europe and Central AsiaKyrgyz RepublicThe Union of Banks of Kyrgyzstan
Eastern Europe and Central AsiaMoldovaNational Bank of Moldova
Eastern Europe and Central AsiaSerbiaAssociation of Serbian Banks
Eastern Europe and Central AsiaTurkeyBanking Regulation and Supervision Agency of Turkey (BRSA)
Eastern Europe and Central AsiaUkraineNational Bank of Ukraine
Eastern Europe and Central AsiaUkraineNational Securities and Stock MArket Commission of Ukraine
Latin America the CaribbeanBrazilFEBRABAN
Latin America the CaribbeanColombiaAsobancaria
Latin America the CaribbeanColombiaSuperintendencia Financiera de Colombia
Latin America the CaribbeanCosta RicaCosta Rica´s General Superintendence of Financial Institutions
Latin America the CaribbeanHondurasNational Commission of Banks and Insurance (CNBS)
Latin America the CaribbeanPanamaBanco General, S.A.
Latin America the CaribbeanParaguayCENTRAL BANK OF PARAGUAY
Latin America the CaribbeanParaguayMesa de Finanzas Sostenibles del Paraguay
Latin America the CaribbeanRegional, Eastern CaribbeanEastern Caribbean Central Bank
Latin America the CaribbeanRegional, LAC FELABAN (Latin American Banks Federation) (co-chair)
Middle East & AfricaEgyptCentral Bank of Egypt
Middle East & AfricaGhanaBank of Ghana
Middle East & AfricaGhanaGhana Association of Banks
Middle East & AfricaIraqCentral Bank of Iraq
Middle East & AfricaMoroccoAutorité Marocaine du Marché des Capitaux (AMMC)
Middle East & AfricaNigeriaCentral Bank of Nigeria
Middle East & AfricaRegional, Central AfricaCOSUMAF
Middle East & AfricaSouth AfricaThe Banking Association of South Africa
Middle East & AfricaSouth AfricaNational Treasury South Africa (co-chair)