Guidelines on E&S Risk Management - Page 3 - Message from Governor
Implementation Guidelines V4 - page 3 - 1.2.
Global Compact
- To achieve a better and more sustainable future for all, in 2015 countries from around the world agreed to adopt UN Agenda for Sustainable Development and the Paris Agreement on Climate Change. The UN 2030 Agenda has at its core 17 Sustainable Development Goals (SDGs). Georgia is a part of both initiatives.
Sustainable Finance Guiding Principles - page 18 National Policy on Climate Finance (p. iv §2 and vi §2)
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- In 2015, the United Nations (UN) introduced the Sustainable Development Goals (SDGs) to address these challenges and to call for action by all countries to promote prosperity while protecting the planet. The recently released Special Report of the Intergovernmental Panel on Climate Change (IPCC)1 further highlighted the urgency of meeting the goals set by the Paris Agreement and limiting global warming to 1.5 degrees Celsius. - The Principles are based on leading international sustainable finance standards, and tailored to the Sri Lankan context and development needs
Sustainability Guidelines for the Banking Sector - page 17
Guidelines on E&S Risk Management - Page 11 - 5.
Implementation Guidelines V4 - Page 3 - 1.2.
(2) - Normas de Desempeno de la IFC sobre sostenibilidad Ambiental y Social
There has been growing global convergence of ESG risk management standards among public and private financial institutions in the past decade, including IFC’s Performance Standards and the Equator Principles which reference them
The Equator Principles (EP) which are observed by 70 financial institutions committed to not provide loans to projects worth USD 10 million or more if the prospective debtor does not comply with the prevailing social and environmental regulations and follow procedures established by the EP.
Sustainable Finance Guiding Principles - page 16 and 18
- IFC Performance Standards 1 (Assessment of Environmental and Social Risks and Impacts), 3 (Resource Efficiency and Pollution Prevention), and 6 (Biodiversity Conservation and Sustainable Management of Living Resources) (Link) - IFC Environmental, Health and Safety Guidelines (Sector-specific) (Link) - Equator Principles (Link) - EBRD Performance Requirements (Link) - ISO 14001 – Environmental Management (provides practical tools for companies and organisations looking to identify and control their environmental impact and improve their environmental performance.) (Link)
The Guideline requires all B/FIs engaging in the types of transactions mentioned above to develop and implement an Environmental and Social Management System (ESMS) consistent with local environmental and social laws and regulation and overtime with recognized international standards such as IFC’s Performance Standards on Environmental and Social Sustainability and the Equator Principles.
Global standards and guidelines such as IFC Performance Standards can serve as a reference to assess ESG risk at the project level
Sustainability Guidelines for the Banking Sector - page 13
Policy Guidelines for Green Banking - Page 5 - 3.2.
Implementation Guidelines V4 - Page 24 - 9.2.
Those principles are being created based on different international standards on sustainability disclosure, such as: Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), UN Principles for Responsible Investment (PRI) Reporting Framework 2018, Global Reporting Initiative (GRI), etc
The Global Reporting Initiative (GRI) is another international initiative.The GRI guidelines were adopted from the UN Environment Programme (funded by the UN Development Fund), and serves as one of the guidelines in developing sustainability reports.
Sustainable Finance Guiding Principles - page 17
- GRI Guidelines for the Financial Sector highlights best practice reporting for sustainability issues specifically for a Bank’s Business Activities. (Link) - GRI International Reporting Guidelines, G4 is the latest version of internationally accepted best practice in sustainability reporting. A number of different sector supplements can be useful in assessing client transparency and accountability progress. (Link)
disclose sustainability policies and programs implemented within the organization. Internationally recognized reporting frameworks, such as Global Reporting Initiative (GRI) and CDP reporting frameworks and Task Force on Climate-related Financial Disclosures (TCFD) recommendations could be references.
Sustainability Guidelines for the Banking Sector - page 13
Implementation Guidelines V4 - Page 3 - 1.2.
Those principles are being created based on different international standards on sustainability disclosure, such as: Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), UN Principles for Responsible Investment (PRI) Reporting Framework 2018, Global Reporting Initiative (GRI), etc
disclose sustainability policies and programs implemented within the organization. Internationally recognized reporting frameworks, such as Global Reporting Initiative (GRI) and CDP reporting frameworks and Task Force on Climate-related Financial Disclosures (TCFD) recommendations could be references.
Policy Guidelines for Green Banking - Page 5 - 3.2.
Implementation Guidelines V4 - Page 24 - 9.3.
"Article 8 The responsibilities of the Green Bank Evaluation Expert Group are: review and approve the green bank evaluation implementation plan" "If necessary, banks may engage qualified and independent third party to conduct evaluation or audit on banks’ fulfillment of E&S responsibilities."
In order to demonstrate progress in implementing this principle, a Bank should: • Develop a policy approach on ethical finance and corporate governance which includes: Any performance related incentives, internal and external audit requirements, and governance responsibility and escalation criteria for risk committees.
Sustainability Guidelines for the Banking Sector - page 14
