The National Bank of Georgia launches Roadmap for Sustainable Finance in Georgia

The National Bank of Georgia launches Roadmap for Sustainable Finance in Georgia

10 April, 2019
The 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.

The 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.