CBCG Joins the SBFN
31/05/2024
The Central Bank of Montenegro has joined the IFC-facilitated Sustainable Banking and Finance Network (SBFN), a global platform for knowledge exchange and capacity building on sustainable finance for financial sector regulators and industry associations in emerging markets and developing economies.
CBCG thus joined the community, which has 93 members representing 71 countries and 68 trillion dollars of banks’ total assets in developing markets.
The CBCG Governor, Ms Irena Radović, expressed her excitement regarding the CBCG’s admission to the SBFN membership, highlighting it as a significant stride in embedding sustainability into our core financial practices.
“This alliance underscores our dedication to sustainable development and amplifies our capacity to positively impact the financial community. We are confident that by embracing sustainable banking principles, we bolster the resilience of our financial sector and pave the way for a more prosperous and environmentally responsible future,” said Radović.
SBFN Global Coordinator, Mr Rong Zhang, also expressed enthusiasm about the new partnership.
“We warmly welcome CBCG to our network of regulators and industry associations committed to advancing sustainable financial practices. We look forward to working together to promote an ecosystem that adeptly manages ESG risks and performance. This collaboration will support CBCG’s development of a national sustainable finance roadmap, helping to direct capital toward initiatives that meet environmental and social goals”, Zhang said.
As a SBFN member, the CBCG will have insight and technical support in using the member institutions’ best practices, and it will also have representatives in this organisation’s relevant working bodies.
SBFN was founded in 2012 as a voluntary community of financial sector regulators, central banks, ministries of finance, ministries of environmental protection and industry associations in developing markets dedicated to promoting sustainable finance in service of national development priorities, deepening the financial market and strengthening stability.
Assisted by the International Finance Corporation (IFC) and supported by the World Bank Group, SBFN helps gather information, resources, and practical support for members in creating and implementing national initiatives that promote sustainable finance at national, regional, and global levels.
SBFN members are committed to directing their financial sectors towards sustainability. They aim to improve their operations per the best ESG standards and increase capital inflow into activities that positively impact the environment and society, including climate change mitigation and adaptation.
Within the global dialogue, SBFN cooperates with the Working Group for Sustainable Financing within the Group of 20 most developed countries, the Network for Greening the Financial System, and the EU’s International Platform on Sustainable Finance.
