The Sustainable Banking and Finance Network (SBFN), supported by IFC, has revealed its 2024 Global Progress Brief. and introduced the innovative SBFN Data Portal , which offers the most comprehensive comparison of sustainable finance trends and efforts across sixty-six Emerging Markets and Developing Economies (EMDEs). The 2024 Global Progress Brief outlines significant accomplishments, obstacles, and potential within the SBFN community under three aspects of sustainable finance described in the SBFN Measurement Framework: Environmental, Social, and Governance (ESG) Integration, Climate and Nature-Related Risk Management, and Financing Sustainability. This year’s evaluation included emerging priorities like nature-related risk, inclusive finance, and new climate risk indicators aligned with international best practices and standards.Since the 2021 SBFN Global Progress Report, all SBFN countries have rapidly worked to establish frameworks for managing climate- and nature-related risks, reflecting the implementation of commitments made under the Paris Agreement. ESG Integration has also become a central element of sustainable finance, with thirty-nine countries adopting frameworks for managing Environmental and Social (E&S) risks in investment decision-making according to international standards such as IFC’s Performance Standards, while using them to prevent greenwashing in sustainable finance instruments.
The substantial growth of the network and substantial member progress in shaping policies and influencing markets over the past three years demonstrate the significant impact of cooperation, partnerships, and knowledge sharing in guiding financial systems toward sustainability,
” explained Alfonso Garcia Mora, Chair of SBFN Secretariat and IFC Vice President for Europe and Latin America & Caribbean. “
“SBFN members are illustrating the importance of acknowledging climate and environmental risks as contributors to financial system vulnerabilities, while also highlighting the potential to convert these challenges into opportunities for developing new markets in sustainable finance.Additionally, the increase in the adoption of sustainable finance taxonomies and thematic bond guidelines in SBFN countries is channeling financial resources toward activities that uphold global and national sustainable development objectives. Remarkably, a substantial US$759 billion in thematic bonds has been issued across forty-five SBFN countries.SBFN consists of ninety-one financial sector regulators, ministries, and industry associations representing seventy countries, and $68 trillion (92 percent) of total banking assets in EMDEs. Moreover, member countries have introduced over 400 policies, marking a noteworthy 107 percent increase compared to the 2021 report.“
In conjunction with the Global Progress Brief, SBFN introduced its pioneering Data Portal, a dynamic tool designed to monitor sustainable finance efforts across member countries continuously. Providing detailed insights into SBFN members’ actions, this innovative platform enables regular and consistent monitoring of progress, facilitating multi-dimensional comparison across countries, regions, and indicators. The Data Portal will serve as a catalyst for peer-to-peer learning, knowledge sharing, and experience exchange among SBFN members.
The start of the SBFN Data Portal shows a big achievement in our combined efforts to push sustainable finance forward.
” said Nezha Hayat, Chairperson and CEO of the Moroccan Capital Market Authority (AMMC), and Co-Chair of the SBFN Measurement Working Group. “
“This new platform will give our members the ability to monitor progress, find best practices, and promote shared learning, ultimately speeding up our journey toward a sustainable future.The IFC-facilitated Sustainable Banking and Finance Network (SBFN) has unveiled its 2024 Global Progress Brief and launched the innovative SBFN Data Portal, offering the most comprehensive benchmarking of sustainable finance trends and initiatives…This innovative platform will empower our members to track progress, identify best practices, and foster cross-learning, ultimately accelerating our journey toward a sustainable future.“
