ArmInfo.On November 24, 2021, the Central Bank of Armenia (CBA) became a member of the reputable international Sustainable Banking and Financial Network (SBFN), the CBA press service reports.
The network was created by the International Finance Corporation and it helps its members mobilize information, resources and practical support for the development and implementation of national initiatives that contribute to the development of sustainable financing at the national, regional and global levels. SBFN is a voluntary network for financial regulators of emerging market to develop knowledge sharing and sustainable financing capabilities. The network currently has 66 member institutions from 44 developing countries.
The SBFN members are committed to developing sustainable finance in line with international best practices, with the aim of improving environmental, social and governmental (ESG) risk management, and directing capital flows to climate-positive activities.
The Sustainable Banking and Finance Network (SBFN, formally the "Sustainable Banking Network" or "SBN") is a unique, voluntary community of financial sector regulatory agencies and banking associations from emerging markets committed to advancing sustainable finance in line with international good practice. The member countries represent US$43 trillion (86 percent) of the total banking assets in emerging markets.
The idea for the SBFN arose during the first International Green Credit Forum, hosted by IFC and the China Banking Regulatory Commission, in Beijing in May 2012, where banking regulators and associations from 10 countries requested that IFC facilitate a global knowledge network on sustainable banking. The Network was formally launched in September 2012.
SBFN members are committed to moving their financial sectors towards sustainability, with the twin goals of improved ESG risk management (including disclosure of climate risks) and increased capital flows to activities with positive climate impact. It is a platform for knowledge sharing and capacity building that facilitates the mobilization of practical support for members to design and implement national initiatives.
