- Business News : Cook Islands cleared of tax haven stigma [24/02/2020 - Cook Islands]
- Business News : Fiji Hotel and Tourism Association raises concern about unregulated AirBnB [24/02/2020 - Fiji]
- Sports News : Cronulla Sharks, clubs express interest in PNG match after trial success [24/02/2020 - Australia]
- Sports News : Cronulla Sharks exploring the Pacific [24/02/2020 - Australia]
- Sports News : Tonga 7s seal spot in World Series Qualifier [24/02/2020 - Tonga]
- News : PNG's PM warns of risk in deciding on Bougainville too soon [24/02/2020 - New Zealand]
- News : NZ Prime Minister accorded a traditional welcoming ceremony in Fiji [24/02/2020 - Fiji]
- News : Former Kiribati president weighs in on proposal for Grand Compact for Pacific [24/02/2020 - Kiribati]
- News : USD$100b proposed loan surprises China officials in Solomon Islands [24/02/2020 - Solomon Islands]
- News Feature : Building together: Civil society a key partner in delivering Pacific infrastructure [24/02/2020 - Fiji]
- Business News : Pacific Labour Scheme: Beefing up Australia’s meat industry [24/02/2020 - Australia]
- Business News : Deal deadlock threatens plans to double PNG gas production [24/02/2020 - Papua New Guinea]
- Sponsored : Oceania National Olympic Committees (ONOC)
Almost half of the global emerging market economies to have initiated key financial markets reforms to drive development and fight climate change are in the Asia-Pacific region, according to the second Global Progress Report of the IFC-facilitated Sustainable Banking Network (SBN).
These reforms require banks and other financial institutions to assess, manage, and report on environmental, social and governance (ESG) risks in their lending operations and put market incentives in place for banks to lend to green projects.
Of the 38 countries that make up the SBN, 16 are in Asia-Pacific, displaying a commitment within the region to sustainable finance and industry innovation. Ten Asia-Pacific economies have adopted national sustainable finance policies and voluntary principles while China and Indonesia are the only two nations globally to have progressed their sustainable financial systems to a maturing stage.
Samoa and Fiji have also embraced sustainable banking. The Central Bank of Samoa joined the SBN this year. The central bank’s core objective is the provision of financial services to support sustainable development for Samoa. Since joining in 2017, Fiji has also made progress as part of the initiative. The Reserve Bank of Fiji has elevated sustainable finance as a priority policy area.
The report also captures the progress made by 14 countries globally to actively grow their green bond markets; and data shows increasing innovation by financial institutions to green their lending portfolios. Across Asia-Pacific, seven SBN member nations have issued green bonds.
“SBN members have demonstrated that transforming financial markets toward sustainability is possible,” said Georgina Baker, Vice President of IFC, World Bank Group. “Emerging markets are on the forefront of this shift – and SBN’s tools and guidance have laid the groundwork for more countries to follow suit.”
In addition to providing practical resources for countries undertaking sustainable finance reforms, the report also highlights the peer-to-peer knowledge sharing of SBN members – a hallmark approach of the network.
“The report captures the real-world experience of SBN members to develop sustainable finance,” said Imansyah, Deputy Commissioner of International and Research, Indonesia Financial Services Authority (OJK), and a co-Chair of the SBN Measurement Working Group. “Sharing lessons and knowledge among members has been an important catalyst to drive finance reforms, particularly as countries embark on these efforts.”
“Ultimately, SBN is about collaboration,” said Ye Yanfei, Deputy Director-General, China Banking and Insurance Regulatory Commission and co-Chair of SBN Measurement Working Group. “By bringing together regulators, policymakers, trade associations and development institutions, SBN has been able to not only turn sustainable finance policies into action, but also strengthen measurement to capture market impact.”
Building on the collaborative framework, the SBN has also set up a taskforce to provide tailored support to help the region’s poorest countries, including Mongolia, Bangladesh, Nepal, Cambodia, Pakistan and Laos to overcome their barriers to developing sustainable banking policies.
Established in 2012, SBN now represents US$43 trillion (86 percent) of banking assets in emerging markets. The report is based on an innovative results-measurement approach developed by SBN members as they work to convert sustainable finance policy reforms into practical implementation and behavior change across the banking sector.
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media