Nigeria is among the 34 emerging markets warehousing $42.6 trn banking assets.This has been diclosed by the IFC sponsored Sustainable Banking Network (SBN).However,out of the 34 emerging markets,only 15 are established members of SBN, Nigeria inclusive,others initiating commitment to be full members.

In emerging markets, banks hold assets estimated at more than $50 trillion(including non members of SBN), which gives them the potential to make a substantial difference in sustainable development.Market-based sustainable finance initiatives led by the members of the Sustainable Banking Network (SBN), have made significant progress in directing the financial sector toward sustainability.

Established with support from the International Finance Corporation (IFC) in 2012,SBN represents a community of financial sector regulators and banking associations from 34 emerging market economies with a shared ambition to transform the financial markets towards sustainability.

SBN members now represent $42.6 trillion in banking assets, accounting for more than 85 percent of the total banking assets in emerging markets.

The report presents a systematic view of progress toward sustainable finance among the emerging economies represented by SBN. It is based on a unique measurement framework to assess sustainable finance initiatives across emerging markets.

The Global Progress Report was informed by country progress reports that were prepared for 15 SBN members implementing sustainable finance policy initiatives. Country specific reports detail each country’s good practice and highlight areas of focus to support and encourage members to

further accelerate efforts in sustainable finance. With $38.3 trillion in banking assets, these 15 member countries account for more than 76 percent of emerging market banking assets.

OVERALL FINDINGS

All SBN member countries are advancing sustainable finance, although they are at different stages of development.

The mapping indicates the following:

19 members are currently at the “initiating” stage, demonstrating a commitment to take sectorwide actions to promote sustainable finance.
The 15 countries that have launched policies and principles currently fall into the following categories:
— 1 country is at the “formative” level, with a policy formalized, but not yet implemented.This country is Ecuador.

— 6 countries are at the “emerging” stage: they have policies and principles in place and have begun to implement these policies. These countries are: Kenya, Mexico, Morocco,Peru, South Africa and Turkey.

— 8 countries are at the “established” stage: they have comprehensive implementation actions in place and have begun to report on results and impacts. These countries are:

Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria and Vietnam.

— At this point, no member countries have reached the mature stage, with comprehensive behavior change demonstrated by the banks and other financial sector participants.


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