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National Banks of Ukraine and Georgia Present Their Vision of Green Finance Development During Meeting of Sustainable Banking Network

The National Bank of Ukraine took part in the meeting of the Sustainable Banking Network (SBN) that was dedicated to the role of central banks in ensuring sustainable development of financial system and economy.

The Sustainable Banking Network is an alliance of financial regulators and banking associations from developing countries. The NBU joined SBN officially in November 2020 and became its 41th member.

The governors of the central banks of Georgia and Ukraine, Koba Gvenetadze and Kyrylo Shevchenko, had the floor as co-speakers and shared their vision of the role of regulators in building of green economies and financial systems.

"The National Bank of Ukraine only starts to become involved into the global processes of building the sustainable financial markets. But green investment into economy and development of the new financial products having a positive effect on climate will gradually turn into priorities of the economies and countries. We follow the worldwide trend. The cooperation with partners from the Sustainable Banking Network will contribute to drafting the roadmap for green finance development in Ukraine," Kyrylo Shevchenko said.

Jason Pellmar, the IFC Regional Manager in Ukraine, Belarus and Moldova, expressed his confidence that the NBU succeeds in its efforts to counteract the global challenges.

"In the process of developing a sustainable finance framework, the National Bank of Georgia has greatly benefited from IFC’s expertise and the knowledge sharing with other SBN members. We would like to be helpful to other members of SBN and to share our experience with those who are developing their own national sustainable finance framework," Koba Gvenetadze underlined.

Today the NBU is at the start of this route. Therefore, it is important for the regulator to enlarge the network of international partners whose support will allow to learn the best world practices and to set the efficient system of environmental and social risk management in the financial sphere. 

The Sustainable Banking Network was established in 2012. Nowadays it unites the financial regulators and banking associations from 41 countries of the world. The Network members have committed themselves to work on establishment of a sustainable and green financial system. In particular, it means the increase of the share of loans for the projects and businesses producing a positive effect on climate.

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