Rio de Janeiro, September 13, 2024 – The IFC-facilitated Sustainable Banking and Finance Network (SBFN) concluded its 8th Global Meeting on September 11-12, 2024, in Rio de Janeiro, alongside the G20 Sustainable Finance Working Group (SFWG) meeting, marking a significant milestone in the global effort to align sustainable finance frameworks and elevate the voice of emerging markets on the international stage. Co-hosted by the International Finance Corporation (IFC), the Central Bank of Brazil, and FEBRABAN (the Brazilian Federation of Banks), the event convened central bank governors, regulatory agency heads, and senior representatives from leading international networks, industry associations and standard-setting bodies to explore opportunities for Emerging Markets and Developing Economies (EMDEs) to shape the future of sustainable finance globally.
“The 8th Global Meeting has been a key event for SBFN, bringing together leading voices from across the financial sector in EMDEs to address the most pressing challenges in sustainable finance. We not only shared knowledge and best practices but also set the course for meaningful action in facilitating a resilient, low-carbon transition. The impact of the initiatives we discussed will extend far beyond the borders of our 72 member countries,” said Alfonso Garcia Mora, SBFN Chair and IFC Vice President for Europe, Latin America, and the Caribbean.
The meeting served as a platform for key announcements, including the launch of an Implementation Action Plan in partnership with the International Sustainability Standards Board (ISSB), following the Memorandum of Understanding signed between IFC and the IFRS Foundation in June 2024. The plan aims to transform sustainability reporting in EMDEs by improving data quality, reliability, and comparability. This strategic collaboration will focus on two key areas: developing a toolkit aligned with international best practices in sustainability reporting and enhancing the capacity of 96 SBFN members from 72 countries through targeted training.
As part of the broader discussions during the SBFN 8th Global Meeting, the network unveiled a white paper on Inclusive Sustainable Finance (ISF), circulated among its members for consultation. The white paper highlights how integrating inclusion objectives with sustainable finance measures drives economic growth and generates positive social outcomes across EMDEs. According to SBFN research, over 30% of members are setting expectations to improve access to finance for low-income households, small businesses, and vulnerable groups, with a focus on climate adaptation and resilience. The final white paper will be released publicly later this year.
Additionally, SBFN introduced the Taxonomy Alignment and Interoperability Roadmap for consultation with its members in collaboration with the Central Bank of Azerbaijan (CBAR). Leveraging global initiatives such as the G20 Sustainable Finance Working Group (G20 SFWG) and the International Platform on Sustainable Finance (IPSF), the roadmap, set to be launched during COP29 in Baku later this year, seeks to align sustainable finance practices and enhance interoperability, enabling better coordination between taxonomies tailored to diverse national contexts.
As the global community looks ahead to COP29, SBFN continues to lead the charge in advancing sustainable finance frameworks that are inclusive, transparent, and aligned with national development priorities and international trends. The SBFN 8th Global Meeting marked a pivotal moment for the network, underscoring its role as a leading voice in sustainable finance and its commitment to advancing the interests of EMDEs on the global stage.
To learn more about the Sustainable Banking and Finance Network, visit: www.sbfnetwork.org.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About SBFN
Established in 2012, the Sustainable Banking and Finance Network (SBFN) is a community of financial sector regulators, central banks, ministries of finance, ministries of environment, and industry associations from emerging markets committed to advancing sustainable finance. The first global network of its kind focused on sustainable finance at the market level, SBFN comprises 96 member institutions representing 72 countries and at least US$68 trillion (92 percent) of the total banking assets in emerging markets, as of August 2024. SBFN members are committed to moving their financial sectors toward sustainability, with the twin goals of improved environmental and social risk management (including disclosure of climate risks) and increased capital flows to activities with positive climate, environmental, and social impact. IFC, part of the World Bank Group, is SBFN’s Secretariat and knowledge partner, assisting with knowledge sharing and capacity building among members to support the design and implementation of national sustainable finance initiatives.
For more information, visit https://www.sbfnetwork.org/
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