National Bank of Georgia, NBU, and IFC hold a knowledge-sharing event on Sustainable Finance

By Khatia Bzhalava

Thursday, December 24

According to NBG, the event served as a platform for discussing the role of central banks in developing a sustainable finance framework and exchanging experiences in this regard.

“The NBG has also benefited from IFC's input when integrating Environmental, Social, and Governance (ESG) considerations into the Corporate Governance Code for Commercial Banks,” reads the NBG’s statement.

National Bank of Georgia (NBG) in cooperation with the International Finance Corporation (IFC), a member of the World Bank Group, and the IFC-supported Sustainable Banking Network (SBN) held a knowledge-sharing session with the National Bank of Ukraine (NBU). According to the information released by NBG, the event focused on discussing the role of central banks in the development of a sustainable finance framework as well as exchanging experience in this respect.

According to the statement, NBG joined SBN in September 2017 and has been teaming with SBN in several sustainable finance projects ever since. A key step in the development of a sustainable finance framework for Georgia was the launch of The Roadmap for Sustainable Finance in Georgia, which was implemented in close collaboration with the International Finance Corporation (IFC). NBG states that Currently, they are collaborating with SBN/IFC to develop a Sustainable Finance Taxonomy for Georgia.

At the event, Governors of the NBG and the NBU (National Bank of Ukraine ) and Jason Pellmar, IFC Regional Manager for Belarus, Moldova, and Ukraine dialogued on the importance of sustainable finance and the role central banks can play in this process. In particular, helping the finance sector manage ESG risks and reveal new opportunities.

According to Koba Gvenetadze, the Governor of the NBG, IFC’s support, and knowledge sharing with other Sustainable Banking Network (SBN) members have played an important role in the process of developing a sustainable finance framework.

Kyrylo Shevchenko, the NBU Governor stated that cooperation with partners from the Sustainable Banking Network would help them to develop a ‘green finance’ development guide in Ukraine.

"The National Bank of Ukraine is just beginning to join the global process of building sustainable financial markets. Green investments in the economy, as well as the development of new financial products that have a positive impact on the climate, will become a priority for economies and countries. We are moving in a global direction. Cooperation with partners from the Sustainable Banking Network will help us develop a roadmap for the development of 'green finance' in Ukraine," Shevchenko said.

According to the statement, at the event, the sustainable finance framework development process, related challenges, and future collaboration opportunities were discussed as well.