Central Bank of Armenia joins Sustainable Banking and Financial  Network

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.