We recall that two years ago the Central Bank of Armenia (CBA) became a full member of the Network for Greening Financial System (NGFS). In November 2021, the CBA took a further key step towards developing an integrated approach to sustainable finance and joined the Sustainable Banking and Finance Network (SBFN). The SBFN is a voluntary community of financial sector regulators, central banks, industry associations, and environmental regulators from emerging markets committed to advancing sustainable finance for national development priorities, financial market deepening, and stability (currently 68 institutions from 45 countries). Their approaches draw on international good practices, reflecting national contexts and priorities.
The community originated from a collective need expressed by banking regulators and associations for a global platform about sustainable banking for knowledge and learning; one of the key initiators is the International Finance Corporation (IFC), which acts as a knowledge partner and connects members with its global development partners.
The SBFN’s main objectives are as follows:
(a) Provide technical assistance with the aim of supporting members in the creation of an enabling environment through the development and implementation of national sustainable finance frameworks;
(b) Convene a global platform for practitioners to benefit from best practices and deepen collective learning;
(c) Provide capacity building and knowledge sharing, with a focus on peer-to-peer exchanges among members.
The IFC assists in the implementation of activities and provides technical assistance to SBFN members based on practical experience gained from the setting and application of Environmental, Social and Governance (ESG) sustainability standards, as well as from investing and advising the private sector in emerging markets on green/climate finance innovation.
Source: CBA
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