First Vice Governor of the National Bank of Georgia, Ekaterine Mikabadze, participated in the event “Sustainability Reporting and Related Assurance Services: International Experience and Relevance for Georgia,” organized by SARAS with the support of the Ministry of Finance of Georgia.

In her remarks, Ekaterine Mikabadze highlighted the importance of sustainability reporting for the development of the banking sector and capital market. According to her, sustainability reporting is increasingly becoming an essential component of corporate governance, effective risk management, and informed investment decision-making at the international level.

“The National Bank of Georgia considers sustainable finance to be one of the key foundations of financial stability and long-term economic resilience,” Ekaterine Mikabadze noted.

She also discussed the reforms and initiatives implemented by the NBG in the area of sustainable finance, including the introduction of ESG guiding principles, ESG reporting and disclosure frameworks for commercial banks, as well as the development of a regulatory framework for green, social, sustainability, and sustainability-linked bonds.

According to Ekaterine Mikabadze, the quality and reliability of information are of particular importance for the development of sustainable finance, while related assurance services contribute to strengthening investor confidence and reducing the risks of so-called “greenwashing.”

“We believe that alongside the introduction of sustainability reporting, attention should also be focused on the development and implementation of related assurance services in the local market,” Ekaterine Mikabadze stated.
As part of the event, the Head of the Financial Stability Department of the National Bank of Georgia, David Utiashvili, participated in the panel discussion “Benefits and Challenges of Sustainability Reporting.”

The event also brought together representatives of the Ministry of Finance of Georgia, Polish Agency for Audit Oversight (PANA), the Pension Fund, the World Bank, and the private sector. Participants discussed the development of sustainability reporting in Georgia and the importance of sharing international best practices.