The National Bank of Georgia (NBG) has been a member of the Sustainable Banking Network (SBN) since 2017.
SBN was created in 2012 with the support of the International Finance Corporation (IFC), a member of the World Bank Group, and brings together central banks, banking regulators, and associations from 38 countries that are committed to advancing sustainable finance through policy frameworks and voluntary industry initiatives. SBN supports knowledge sharing among its member countries.
Every year SBN publishes Global Progress Report that supports member countries through a systematic assessment of national initiatives to promote sustainable finance. On October 10, SBN published 2019 Progress Report, which analyzes progress made by member countries, including Georgia. In addition to global annual report, number of individual country reports have been released.
Georgia's country progress report captures the critical milestones achieved by the NBG in the past year, in cooperation with SBN and IFC, towards the sustainable finance development in Georgia. A key milestone was the launch in April 2019 of the NBG's Roadmap for Sustainable Finance in Georgia, which outlines actions that the NBG intends to implement to achieve sustainable finance development in the near future with the corresponding timeframe. Additionally, the NBG, with the support of IFC, integrated environmental, social, and governance (ESG) considerations into the Corporate Governance (CG) Code for Commercial Banks. These considerations are now being incorporated in the Corporate Governance Code for Capital Markets as well.
Due to these and other important actions undertaken by the NBG Georgia has made significant progress towards the development of the sustainable finance framework and has advanced two steps in SBN's 6-step Progression Matrix - moving from "Commitment" to "Developing" stage. Georgia is one of only seven countries to achieve such significant progress.