National Bank of Georgia (NBG) on Thursday said, “Georgia has made significant progress towards the development of the sustainable finance framework. As a result, the country has advanced in SBFN’s 6-step Progression Matrix, moving from the “Advancing” stage to the “Consolidating” stage. Notably, Georgia is one of only three countries to achieve such significant progress.”

“Sustainable Banking and Finance Network (SBFN) published 2024 Progress Report Brief. Global Progress Report supports member countries by systematically evaluating their national efforts to promote sustainable finance. The new report focuses on key trends, innovations, and opportunities across 66 emerging markets, addressing three pillars of sustainable finance: Environmental, Social, and Governance (ESG) Integration, Climate and Nature-Related Risk Management, and Financing Sustainability. Georgia has shown progress within each pillar, notably advancing two steps under the Climate and Nature-Related Risk Management and Financing Sustainability pillars.

SBFN was established in 2012 with the support of International Finance Corporation (IFC), a member of the World Bank Group, and brings together central banks, banking regulators, and industry associations from 70 countries, representing 91 member institutions committed to advancing sustainable finance through policy frameworks and voluntary industry initiatives. SBFN promotes knowledge sharing and capacity building among its member countries.

The National Bank of Georgia (NBG) has been a member of SBFN since 2017. SBFN played an active role in supporting the development of the Roadmap for Sustainable Finance in Georgia (SF Roadmap). Several significant milestones have been achieved within the implementation of the SF Roadmap, including the integration of ESG considerations into the Corporate Governance (CG) codes, the adoption of a Sustainable Finance Taxonomy and corresponding regulation, the development of ESG guidelines, Climate Risk Radar, Financed Emission tool for measuring, reporting, and managing ESG and climate risks, and introduction of mandatory ESG reporting requirements and development of ESG Reporting and Disclosure Principles and corresponding form,” reads the statement.