Sustainable Banking and Finance Network (SBFN)’s Post

The SBFN 8th Global Meeting wrapped up last week after two days of insightful discussions and collaboration. Co-hosted by IFC - International Finance Corporation, Banco Central do Brasil and FEBRABAN, the event gathered over 40 speakers and participants from 60 countries in Rio de Janeiro, marking a significant milestone for Emerging Markets and Developing Economies (EMDEs) in the global dialogue on sustainable finance. Held alongside the G20 Sustainable Finance Working Group (SFWG) meeting, the event underscored the critical role of EMDEs in driving the global transition to a resilient, low-carbon economy and served as a platform to announce key initiatives aimed at advancing sustainable finance: ✅ 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐜𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧 𝐢𝐧 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐰𝐢𝐭𝐡 𝐈𝐒𝐒𝐁 to transform sustainability reporting in EMDEs. The plan focuses on improving the quality, reliability, and comparability of data across 72 SBFN member countries. ✅ 𝐓𝐚𝐱𝐨𝐧𝐨𝐦𝐲 𝐀𝐥𝐢𝐠𝐧𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐈𝐧𝐭𝐞𝐫𝐨𝐩𝐞𝐫𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐑𝐨𝐚𝐝𝐦𝐚𝐩 𝐢𝐧 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 Central Bank of the Republic of Azerbaijan (CBAR). Set to be launched during COP29 in Baku, this initiative will enable cross-border capital flows and ensure that investments are in sync with global goals and national priorities. ✅ 𝐖𝐡𝐢𝐭𝐞 𝐏𝐚𝐩𝐞𝐫 𝐨𝐧 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 (𝐈𝐒𝐅): The draft paper, to be publicly released later this year, emphasizes the importance of integrating financial inclusion objectives with sustainable finance measures, focusing on providing access to finance for low-income households, small businesses, and vulnerable communities. The discussions during the meeting underscored the urgency of the work ahead, particularly in building capacity and aligning standards to support resilient and inclusive growth across EMDEs. 📢 Learn more here: https://lnkd.in/eDH5E2QR #SustainableFinance #EmergingMarkets #InclusiveFinance #SBFN #IFC #ISSB #SFWG #COP29 #Taxonomy #ESG

As we wrap up the second and final day of the SBFN 8th Global Meeting, we reflect on the remarkable discussions and collaborations that have shaped this event. Co-hosted by the Banco Central do Brasil and FEBRABAN, and facilitated by IFC - International Finance Corporation, today’s sessions highlighted the critical role of the financial sector in driving a just transition and advancing sustainable finance across Emerging Markets and Developing Economies (EMDEs). Manuel Reyes-Retana, Regional Director for LAC at IFC - International Finance Corporation, highlighted several key themes from today’s sessions: ✅Aligning sustainable finance taxonomies is critical to enable cross-border capital flows and ensure that investments are aligned with both global goals and national priorities. ✅Achieving a resilient, low-carbon economy requires action from all sectors, but the financial sector has a clear mandate to lead and drive global transformation. ✅MSMEs play a crucial role in driving inclusive growth, and sustainable finance cannot succeed without ensuring MSMEs challenges and needs are addressed. As we look ahead, SBFN remains committed to fostering innovation, collaboration, and capacity building in sustainable finance. Let's carry forward the energy from these discussions and work together to create a sustainable and equitable future for all. #SustainableFinance #EmergingMarkets #SBFN #IFC #SBFN8thGlobalMeeting #InclusiveFinance #Sustainability

At the SBFN 8th Global Meeting, the session on "Adoption and Implementation Challenges of Sustainability Reporting Standards in EMDEs" shed light on the practical difficulties and opportunities that emerging markets face as they adopt global sustainability reporting standards. Moderated by Svetlana Klimenko from The World Bank, the discussion brought together experts to share real-world experiences and solutions. ➡️Davit Utiashvili (National Bank of Georgia) discussed how Georgia’s banks have made strides in ESG reporting, noting the positive impact of reporting requirements on both disclosure practices and sustainable finance performance. ➡️Joseph Akwasi Kuma (Bank of Ghana) highlighted Ghana’s milestones toward adopting the ISSB IFRS S1 and S2 standards, exploring the benefits of greater transparency alongside the challenges of implementation within Ghana’s financial sector. ➡️Vania Borgerth (Brazilian Committee for Sustainability Pronouncements) stressed the importance of verifiable information for investors’ decision-making. Including SMEs in finding solutions is the only way to ensure global sustainability reporting requirements bring on tangible change. ➡️Elizabeth Seeger (International Sustainability Standards Board (ISSB) provided valuable guidance on how EMDEs can adopt ISSB standards, underscoring convergence and interoperability as key to improving the global reporting landscape. #SBFN8thGlobalMeeting #SustainableFinance #SBFN #ESG #Sustainability IFC - International Finance Corporation IFC Climate & Sustainability

The session "Advancing Harmonization of Sustainable Finance Taxonomies" at the SBFN 8th Global Meeting brought together a diverse group of experts to explore how aligning taxonomies can help meet both global goals and national priorities. Moderated by Louise Gardiner from IFC - International Finance Corporation, the discussion focused on how emerging markets can collaborate to create a coherent approach to sustainable finance taxonomies, ensuring greater transparency and facilitating cross-border financial flows. ➡️Rustam Tahirov (Central Bank of the Republic of Azerbaijan) discussed Azerbaijan’s preparations to publish a Taxonomy Alignment and Interoperability Roadmap at COP29 in collaboration with SBFN. The roadmap aims to streamline sustainable finance criteria, ensuring alignment among countries to accelerate green investment. ➡️Dilrukshini WA (Central Bank of Sri Lanka) shared lessons from Sri Lanka’s green finance taxonomy, launched in 2022, highlighting its successful adoption and the key takeaways from its implementation. ➡️Karina Velásquez (Consejo Centroamericano de Superintendentes de Bancos, de Seguros y Otras Instituciones Financieras) provided an overview of the ongoing efforts to develop a regional taxonomy framework for Central America with international partners. She highlighted both the successes and challenges, emphasizing the importance of collaboration and transparency in driving sustainable finance initiatives. ➡️Zofia Wetmańska (Climate Bonds Initiative) focused on the importance of clear standards and transparency for cross-border capital flows into sustainable projects, emphasizing interoperability over alignment. ➡️Lucia Marin (European Commission) reflected on efforts by the International Platform on Sustainable Finance (IPSF) to foster alignment and support the implementation of sustainable finance taxonomies worldwide. More insightful discussions coming up at the SBFN 8th Global Meeting—stay tuned! #SBFN8thGlobalMeeting #SBFN #SustainableFinance #Taxonomy #GreenFinance #ClimateAction

Live feed! The first panel of Day 2 at the SBFN 8th Global Meeting delved into the vital role the financial sector plays in supporting the low-carbon transition. Moderated by Veronica Nyhan Jones from IFC - International Finance Corporation, the session brought together experts to provide insights into how the financial sector can lead this transition effectively. ➡️Rami Aboul Naga (Central Bank of Egypt) highlighted the opportunities for central banks to balance financial stability and sustainability, while steering the financial sector toward a low-carbon, climate resilient future. ➡️isabela ribeiro damaso maia (Banco Central do Brasil) discussed Brazil’s sustainable finance journey, highlighting key regulatory initiatives critical for the financial sector’s transition. ➡️Gabriela Bertol from Santander Brasil offered a private sector perspective, sharing how financial institutions are incorporating climate transition into their strategic plans, while navigating implementation challenges in emerging markets. ➡️Alex Michie from Glasgow Financial Alliance for Net Zero (GFANZ) highlighted the crucial role of international alliances in driving public-private collaboration and outlined GFANZ’s efforts to help financial institutions turn their net-zero commitments into concrete, tangible actions. ➡️Jamie Fergusson from IFC - International Finance Corporation emphasized IFC’s unique role in providing guidance, tools, and capacity building support to help emerging markets overcome barriers to sustainable finance and accelerate their transition efforts. A big thank you to our panelists for their valuable insights on the financial sector’s role in driving a low-carbon transition. Stay tuned for more discussions at the SBFN 8th Global Meeting! #SBFN8thGlobalMeeting #SBFN #SustainableFinance #GreenFinance #ClimateAction

Day 2 of the Sustainable Banking and Finance Network (SBFN) 8th Global Meeting has officially started! The Fireside Chat kicked off with a thought-provoking discussion on the barriers and opportunities emerging economies to lead a just transition through sustainable finance. Alfonso García Mora, SBFN Chair and IFC Vice President for Europe, Latin America, and the Caribbean, was joined by Rachel Kyte, Professor of Practice in Climate Policy at the University of Oxford. In their conversation, Garcia Mora and Kyte tested the boundaries of possible, calling on the audience of regulators and the financial sector to act collectively in supporting global climate commitments. Kyte urged participants to take responsibility in forging the path forward to achieve the transition, emphasizing the need for inclusive and just outcomes for marginalized populations. The session addressed the challenges Emerging Markets and Developing Economies (EMDEs) encounter in mobilizing finance—such as regulatory fragmentation—and offered tangible solutions. Key insights included the role of SBFN and multilateral development banks in supporting #EMDEs, and the need for corporate leadership to ensure a whole-economy transition. It was a powerful and inspiring start to the day, setting the stage for more impactful discussions on advancing #SustainableFinance! #SBFN8thGlobalMeeting #SBFN #ESG #ClimateAction IFC - International Finance Corporation IFC Climate & Sustainability

Just wrapped up! Day 1 of the SBFN 8th Global Meeting set the stage with dynamic discussions on SBFN’s strategic priorities and deliverables. Leaders and experts from around the world gathered to explore critical themes such as disclosure, inclusive finance, and the role of taxonomies in scaling up sustainable finance. Key takeaways ✅Enhancing sustainability reporting and data management is crucial for tracking progress on sustainable finance policies. ✅International cooperation is key to advancing SBFN members’ collective priorities and addressing challenges for emerging markets. ✅Ensuring that marginalized groups benefit from inclusive sustainable finance approaches is critical to driving a just transition. ✅SBFN members are committed to continuing their collective efforts in tracking progress across emerging markets, learning from experiences, and identifying next steps for development in their countries and regions. Stay tuned for Day 2, in which high-level speakers from key global initiatives and SBFN members will dive into trends and opportunities in sustainable finance! #SBFN8thGlobalMeeting #SBFN #SustainableFinance #G20SFWG #COP29 #IFC

The Global Engagement Opportunities session during the SBFN 8th Global Meeting brought together key voices in #SustainableFinance. Wang Xin, Director General of the Research Bureau at the People's Bank of China and Co-Chair of the G20 Sustainable Finance Working Group (SFWG), and Shahin Mahmudzade, CFA, Executive Director of the Azərbaycan Respublikasının Mərkəzi Bankı / Central Bank of the Republic of Azerbaijan, representing the COP29 Presidency, engaged in a dynamic dialogue moderated by Rong Zhang, SBFN Global Coordinator. Their discussion focused on driving international cooperation to support sustainable finance initiatives in emerging markets.   Wang Xin outlined the outcomes of the G20 SFWG’s work under Brazil’s leadership in 2024, including optimizing environmental and climate funds, supporting just transition efforts, addressing sustainability reporting challenges for SMEs and emerging markets, and financing nature-based solutions. Shahin Mahmudzade provided insights into COP29’s initiative to mobilize global efforts in supporting the alignment of sustainable finance approaches.   #SBFN8thGlobalMeeting #SBFN #G20SFWG #COP29 #GreenFinance #ClimateAction

The Inclusive Sustainable Finance (ISF) Taskforce session at the SBFN 8th Global Meeting offered a deep dive into the development and implementation of inclusive sustainable finance frameworks. Moderated by Vincent Darcy from IFC - International Finance Corporation, the session centered around SBFN’s draft ISF white paper, which captures key insights from the Taskforce’s first phase of discussions and analysis. Taskforce Co-chairs Ellen Joyce Suficiencia (Bangko Sentral ng Pilipinas), Amaury Oliva (FEBRABAN), and Samuel Tiriongo (PhD) (Kenya Bankers Association) shared their experiences in shaping ISF frameworks, emphasizing the critical role inclusivity plays in sustainable finance policies to drive better socioeconomic outcomes. The session sparked a dynamic exchange of ideas on how SBFN members can fine-tune their sustainable finance policies to ensure marginalized groups benefit from financial inclusion initiatives. Looking ahead, the ISF report is set to be officially launched, with future engagements focusing on capacity-building tailored to SBFN members’ needs. Exciting developments are on the way—stay tuned! #SBFN8thGlobalMeeting #SustainableFinance #SBFN #InclusiveFinance #ESG