SBN’s inception in 2012, 26 member countries have launched frameworks setting
out national policies, voluntary industry principles, or guidelines for
sustainable finance. In 2020 alone, over a quarter of SBN’s 41 member countries
issued new sustainable finance framework documents.
the global pandemic, SBN member countries not only maintained this momentum,
but in many cases accelerated work, to promote sustainable finance as a tool
for growth and resilience.
is a list of numerous inspiring achievements and actions by SBN member
countries in 2020.
SBN to be part of the international community committed to advancing
sustainable finance in line with international good practice
- In July, the National Securities and Stock Market
Commission of Ukraine
(NSSMC) joined SBN. NSSMC is committed to promoting sustainable
finance in Ukraine by developing a Sustainable Finance Roadmap, adopting green
finance guidelines, and introducing an ESG Scorecard and ESG Disclosure
- In September, the
Sustainable Finance Association
(MSFA) joined SBN. MSFA served as one of the
SBN IDA Task Force co-chairs, which delivered the recent report “Necessary
Ambition: How Low-Income Countries Are Leveraging Sustainable Finance to
Address Poverty, Climate Change, and Other Urgent Challenges.” The mission of MSFA is to foster Mongolia
as a regional sustainable finance knowledge hub by helping members integrate
ESG and sustainability practices in their operations and promoting green and
- In November, the National
Bank of Ukraine joined SBN. NBU
is committed to achieve progress in promoting sustainable finance in the
banking sector of Ukraine within the next two years, both at the level of
sustainable finance products and sound environmental, social, and corporate
governance (ESG) practices by financial institutions.
- In November, the Association
of Serbian Banks (ASB) joined SBN. ASB is committed to investing in
national and regional progress in sustainable finance.
new national sustainable finance policies, guidelines, or voluntary principles
- In February,
the National Bank of Georgia launched the ESG
Reporting and Disclosure Principles
, which provide
guidance to Georgian Commercial banks in ESG reporting and disclosure
aligned with international good practice.
April, Bangko Sentral ng Pilipinas, the Philippines’ central bank,
issued the country's first Sustainable Finance Framework, requiring banks to integrate environmental and
social risk management in their corporate governance and risk management
frameworks, as well as in their strategic objectives and operations.
- In May, South
Africa’s National Treasury and Banking Association established a Climate Risk Forum
to oversee implementation of recommendations in Treasury’s Technical Paper on
Financing a Sustainable Economy.
- In July, South
Africa’s Johannesburg Stock Exchange (JSE) expanded its Green Bond Segment
to a new Sustainability Segment, which makes it easier to list and trade
- In July, Central
Bank of Mongolia announced its national Green Loan
English translation), calculating
the amount and ratio of green loans in the portfolio based on the Mongolia
- In July,
People's Bank of China (PBOC) released a public consultation draft of its
Notification on Evaluation of Green Finance Performance of Deposit-Type
Financial Institutions in the Banking Industry (in Chinese). The proposal extends
green evaluation coverage from green credit to include more financing tools,
such as securities, investments, leasing, and trusts. Read more in English here.
- In August, National
Banking and Insurance Commission (CNBS) of Honduras issued the Standard for the Management of
Environmental and Social Risk applicable to the Institutions of the Financial
System, the first national sustainable
finance policy issued in the country. The document sets the standards for
financial institutions to manage their environmental and social risk.
- In September, the
Superintendencia Financiera de Colombia published a Good
Practice Guide for Issuing Green Bonds (in Spanish), which
related to project selection and evaluation, fund management, and information
disclosure. It also issued the External Circular 028 of 2020, which formally
incorporates the definition of a Green Bond, making Colombia the first country in the
region to have an exclusive regulatory framework for this type of thematic
- In September, The Mongolian Sustainable
Finance Association, with IFC support, translated the Mongolia
Green Taxonomy, issued in December 2019, into English for
international collaboration and knowledge exchange.
- In October, the Association of
Southeast Asian Nations (ASEAN) held its 6th Meeting of Finance Ministers
and Central Bank Governors, co-chaired by the State Bank of Vietnam and the
Vietnam Ministry of Finance. The meeting welcomed the ASEAN Central Banks’ Agenda on
Sustainable Banking and a report on
the role of ASEAN central banks in addressing climate and environmental risks
and promoting sustainable finance. The ASEAN countries jointly commit to i) an ASEAN-wide
green taxonomy; (ii) ASEAN-specific green lending principles; and (ii)
supervisory guidelines to support banks in integrating climate and
environment-related risks into their risk management frameworks.
November, the Peru Ministry of Environment, jointly with 3 financial sector
associations, relaunched the Green
Protocol of Peru.
new protocol includes added content to promote environmental risk management by
financial institutions and deepen sustainable development in the financial
November, the Fiji Government launched the 2nd round of
public consultation of the Climate
Change Bill, which includes a section on sustainable
finance, outlining the government’s authority and responsibility to promote and
oversee climate finance.
November, Chilean Superintendencia de Pensiones (the pensions regulator
in Chile) passed a new
rule to require ESG and climate risk to be part of the investment
analysis of the country's pension funds.
- In December, Bangladesh Bank issued the Sustainable Finance Policy for Banks and Financial Institutions
with an Excel reporting template and the Sustainability Rating for Banks and Financial Institutions, which provide comprehensive sustainable finance taxonomy, green taxonomy, and a sustainability rating system.
sustainable finance to high-level national development plans
- In early 2020, Indonesia launched its 2020-2024 National Medium-Term
Development Plan, which
incorporated climate change into the mainstream of Indonesia's broader Low
Carbon Development (LCDI) strategy.
- In October, South Africa
announced its National
Economic Reconstruction and Recovery Plan.
Highlighting green economic interventions and a sustainable recovery trajectory,
the Plan serves as a green recovery blueprint for rebuilding and growing the
economy with sustainability, resilience, and inclusion as priorities.
- In December, South Africa’s President appointed
members of the inaugural Presidential Climate Change Coordinating Commission
(P4C) to coordinate and oversee the just transition towards a
low-carbon, inclusive, climate change resilient economy and society.
December, the Philippines Congress adopted House Resolution No. 1377,
declaration a climate emergency and listing sustainable development and
resilient investment planning, programming, and financing as one of the core
new entities focused on promoting sustainable finance, usually cross-sector,
inter-agency, and public-private
April, The Superintendencia Financiera de
Colombia (Financial Superintendence of Colombia, or SFC) created the Sustainable Finance
Working Group to implement
SFC's sustainability strategy, including a sustainable finance taxonomy, ESG
integration by financial institutions, climate risk, and capacity building.
- In August,
Ecuador launched the Iniciativa de Finanzas Sostenibles (Sustainable Finance Initiative, or
IFS), led by the Banco Central del Ecuador (BCE, the central bank of Ecuador).
The IFS is an innovative public-private-academic collaboration to promote
sustainable finance in Ecuador, aligning with international standards and good
- In August, India
held a national
public-private Sustainable Finance Collaborative, including a
3-day consultation to mobilize sustainable and green finance, led by the Department
of Economic Affairs, Ministry of Finance, and the United Nations
technical reports and case studies on topics related to sustainable finance
- In March, the Central Bank of
Egypt (CBE) took proactive precautionary measures to curb and offset the
negative implications of the COVID-19 virus outbreak. In June, CBE shared an SBN Case Study on
its measures to ensure the safety of individuals and the continuity and
viability of businesses.
- In March, the
Kenya Bankers Association (KBA) launched a comprehensive pandemic
response and shared it in May as an SBN
Case Study. Actions include policy interventions, a research study, a
phased crisis response plan, awareness raising, capacity building, and other
stakeholder engagement activities.
April, Mexico Central Bank published "Climate and environmental risks and
opportunities in Mexico's financial system: from diagnosis to action”, encouraging financial institutions to
incorporate environmental issues into their risk assessment and corporate
governance strategies, as well as to promote green finance.
June, South Africa's Reserve Bank, the central bank of the country,
published the working paper "Climate change and its implications for central banks in emerging and developing economies
", which explores how emerging market
and developing country central banks might develop policy responses.
- In September, The Banco de la República,
Colombia (the central bank of Colombia) published the paper Climate
Change: Policies to Manage Its Macroeconomic and Financial Effects. The
paper focuses on how financial policies can help improve transparency and
climate-related risk disclosure in financial institutions’ balance sheets and
asset prices, and how those risks could be taken into account in monetary
policy and central banks’ balance sheets and operations.
- In October, South Africa published A
Project Briefing Report on Developing a National Green Finance Taxonomy,
based on its comprehensive stakeholder consultation to develop a national green
finance taxonomy. Read more at the South
Africa Sustainable Finance Initiative Taxonomy Working Group website.
- In December, the South
Africa Financial Sector Conduct Authority (FSCA), jointly with IFC,
published the Sustainable
Finance Practices in South Africa Retirement Funds Report, the first of
this type in emerging markets.
public statement committed to sustainable finance by top-level government
- In July, the
Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the
Philippines), Mr. Dionkno, set out a comprehensive vision for leveraging sustainable finance to fortify
the national pandemic recovery. His speech calls
on banks to issue social and sustainability bonds, increase digital banking and
financial inclusion, and strengthen environmental and social risk management
systems to manage physical and transition risks.
- In October, Indonesia Finance Minister Sri Mulyani
Indrawati made a statement highlighting the country's commitment to reducing carbon
emissions and achieving climate resilience.
- In November, the Fiji Attorney General, Minister of Economy, and
Minister Responsible for Climate Change, Mr. Aiyaz Sayed-Khaiyum made a public statement
on the importance of the Fiji Climate Change Bill.
- In November, Bangko
Sentral ng Pilipinas (the central bank of Philippines) Governor Benjamin E. Diokno made a public
statement emphasizing that banks and regulators
can no longer afford to ignore climate change or sustainability issues, which
should be a governance priority.
- In December, Bangko
Sentral ng Pilipinas (the central bank of Philippines) Governor Benjamin E.
Diokno made a public statement emphasizing that companies' corporate
strategies and risk management processes must integrate sustainability
principles, including climate change and ESG risk management.
- In December, Mr. Yi Gang, the Governor of the
People’s Bank of China (PBOC), in a public statement, flagged the further efforts to
improve the country’s green financing standards and laid out the key focal
points for PBOC’s efforts to improve China’s green financing system.
awareness raising and capacity building events
February, SBN, joined by the Mongolian Sustainable Finance
Association and Climate Bonds Initiative, hosted the Trends
in Taxonomy Development and Lessons from Emerging Markets.
April, SBN, Tsinghua University Green Finance Center, and World Bank
Global Knowledge and Research Hub in Malaysia, co-hosted the webinar Environmental
Information Disclosure by Financial Institutions and Green Bond Issuers.
- In June, the
Stock Exchange hosted a webinar on "Fundamentals of
Developing Green Bond Markets"
inaugural edition of its Webinar Series on Sustainable Capital Markets for
June, SBN, joined by Bangladesh Bank, Mongolian Sustainable Finance
Association, Nigeria Central Bank, and Kenya Bankers Association, hosted
the webinar Rebuilding
Resilience through Sustainable Finance
to launch the SBN report Necessary
Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address
Poverty, Climate Change, and Other Urgent Challenges.
- In the summer, the Superintendencia Financiera de Colombia (SFC, the financial superintendence of Colombia) launched
Finance website (in Spanish) to share its sustainability and climate change
agenda. The initiative aims to promote green finance and the management of
environmental and climate risk.
July, the National Treasury of South Africa, IFC, Carbon Trust, and South
Africa’s National Business Initiative (NBI) jointly hosted the webinar Competitiveness
in South Africa – Exploring the Role of a South Africa Green Finance Taxonomy.
August, the Kenya Bankers Association and SBN jointly hosted the webinar
Finance Supply and Demand Dynamics in Times of COVID.
- In November, Bangko
Sentral ng Pilipinas (the central bank of Philippines) hosted a
webinar on climate risk, during
which the Governor Benjamin E. Diokno emphasized that banks and regulators can
no longer afford to ignore climate change or sustainability issues as a
- In November, Banco Central do Brasil
(the central bank of Brazil) hosted a series of webinars on Regulatory
Initiatives Based on the Sustainability Dimension (sessions on 11/24, 11/25, and 11/26) as part of its Sustainability
December, SBN, the UN Sustainable Stock Exchanges Initiative (UN SSE),
and China Social Investment Forum (China SIF) co-hosted a webinar on Environmental
Risk Management and Climate Exposure Reporting.
SBN Asia focal point, Wei Yuan, shared IFC’s experience of Environmental &
Social Risk Management (ESRM) in the banking sector.
December, the South Africa Financial Sector Conduct Authority and IFC
jointly organized the webinar The State of
Sustainable Finance in South Africa's Retirement Sector.
December, SBN and the Development Bank of Southern Africa (DBSA) jointly
organized a webinar on Advancing
Environmental Assessment in Africa,
from the Ghana Sustainable Banking Committee.
- In December, Bank of Ghana and Ghana
Association of Bankers launched the Sustainable Banking Principles training
series with the support of IFC’s ESRM Ghana advisory program. The training will be delivered through Q1
SBN Members Peer-to-Peer
June, facilitated by SBN and IFC, National Treasury of South Africa &
National Bank of Georgia held a knowledge exchange session to share
the green finance taxonomy development experience in South Africa. Read more.
- In December,
facilitated by SBN and IFC, National Bank of Georgia & National Bank of Ukraine held a knowledge exchange session to discuss the
importance of sustainable finance and central bank's critical role in helping
the finance sector manage ESG risks and reveal new opportunities.
collaborations announced with IFC
- In February, the Johannesburg
Stock Exchange (JSE) and IFC signed a
cooperation agreement to promote awareness and support
JSE’s leadership on green, social, and sustainability finance.
- In April, the Superintendence
of the Stock Market of the Dominican Republic (SIMV) and IFC signed a memorandum
(MOU) to promote
green finance and the growth of the green capital market in the country,
with a potential focus on developing a national green taxonomy.
Mongolia Financial Regulatory Commission and IFC signed an MOU
to further develop the market for green finance in Mongolia, including green
bond guidelines and financing of environmentally friendly projects and
practices in the country.
- In August, the Ukraine’s National Securities
and Stock Market Commission and IFC signed a Corporate Agreement to promote sustainable finance in the
To share your sustainable finance development achievements and
actions, please contact the SBN Secretariat at SBN_Secretariat@ifc.org.
Item posted: December 21, 2020