The National Bank of Georgia launches Roadmap for Sustainable Finance in Georgia
10 April, 2019
National Bank of Georgia (NBG) continues working on Sustainable Finance
Framework development and launches the Roadmap for Sustainable Finance
in Georgia. The Roadmap summarizes all possible changes that the NBG
intends to implement regarding the sustainable finance development in
the near future with the corresponding timeframe. The ultimate goal of
this roadmap is to provide a credible, predictable and stable regulatory
framework and prepare the market for transitioning to sustainable
finance. It aims to support incorporation of sustainability issues into
decision-making by providing coherent and consistent actions and
allowing time for the system to adapt.
The Roadmap has been created
in a consistent manner with the national policies within the sustainable
development scope and is well fitted into Georgia’s Social-Economic
Development Strategy "Georgia 2020". The roadmap addresses environmental
concerns, as well as social and governance ones.
The Roadmap for
Sustainable Finance has been developed in close collaboration with the
International Finance Corporation (IFC) and IFC-supported Sustainable
Banking Network (SBN) for which NBG is a member since 2017. The Roadmap
leveraged collective experiences from 36 SBN member-countries from the
emerging markets. It is based on the best international practice and is
consistent with the EU Commission Action Plan. The Roadmap will be
presented at the SBN Global Meeting in Washington DC on April 10th,
2019. The SBN Global Meeting features heads and deputy-heads of Central
Banks and Capital Markets Authorities from different countries around
the world that have made ambitious commitments to sustainable finance
and been active in implementing these commitments in the past years.
Roadmap outlines the future actions that NBG intends to undertake to
support sustainable finance development in Georgia. It includes several
key areas, such as increasing awareness and capacity building on
sustainable finance; embedding environmental, social, and governance
(ESG) management into risk-assessment frameworks and decision-making
processes of financial institutions and corporations; supporting
transparency and market discipline that would eventually guide more
capital flows towards sustainable sectors.
The roadmap shall be reviewed and adjusted periodically in line with the market’s evolution.