The tracker, produced in collaboration with OMFIF, brings clarity to global progress on sustainability regulation.
The sustainable finance policy tracker provides an overview of how different countries are mitigating climate risks in their financial sector. It includes an interactive map covering an initial 22 countries and jurisdictions. The tracker covers 14 areas related to sustainable finance policy, including regulatory and supervisory measures, climate stress testing activity, sustainable taxonomies, climate-related disclosures, and green bond issuance.
Featuring a country directory, the tool allows users to select a country and view a summary of its policies and activities related to sustainable finance. It is intended to be the ‘go-to’ resource for stakeholders interested in monitoring the activities of central banks and regulators on sustainability.
COP26 drives updates in Sustainable Finance Policy Tracker
Highlights of the update include:
In December, the Hong Kong Monetary Authority published guidance for banks and other authorised institutions on embedding climate considerations into governance, strategy, risk management and disclosure. By mid-2023, the HKMA expects banks to begin publishing reports aligned with recommendations of the Task Force on Climate-Related Financial Disclosures.
Around COP26, India, Russia and Saudi Arabia announced net zero commitments. Russia and Saudi Arabia pledged to achieve net zero carbon emissions by 2060, while India stated its intention to reach this by 2070.
Saudi Arabia’s Public Investment Fund announced plans to establish an exchange platform for carbon offsets and credits for the Middle East and North Africa region.
Eight countries joined the Central Banks and Supervisors Network for Greening the Financial System: Albania, Argentina, Dominican Republic, Jordan, Peru, Romania, Serbia and Turkey. Romania’s Autoritatea de Supraveghere Financiară and Turkey’s Banking Regulation and Supervision Agency also joined.
South Korea issued its first sovereign green bond.
Up against great economic and societal upheaval as a result of Covid-19, banks around the world continue to take sustainability seriously and firmly acknowledge the related risks and opportunities, for the market and wider stakeholders alike. For the second year running, Mazars publishes its responsible banking practices report to assess how banks embed sustainability into their commercial practices.