The Association of Serbian Banks (ASB) has joined the Sustainable Banking Network (SBN), a community of financial sector regulatory agencies and industry associations from emerging markets committed to advancing sustainable finance.
SBN, supported by International Finance Corporation (IFC) – a member of the World Bank Group – consists of 41 member countries, representing around $43 trillion (£32tn) or 86% of the total banking assets in emerging markets.
SBN members are transforming their financial sectors towards sustainability, with the goals of improved environmental, social and governance (ESG) risk management, including disclosure of climate risks and increased capital flows to activities with positive climate impact.
ASB is an organisation that gathers all banks operating in Serbia and the Belgrade Stock Exhange.
ASB Secretary General Vladimir Vasic said: “ASB welcomes the opportunity to act in partnership with International Finance Corporation, SBN and fellow SBN members to support the development of national frameworks and exchange of good practice in helping financial institutions manage environmental and social risks and opportunities. ASB is committed to national and regional progress in sustainable finance.”
The network provides a platform for knowledge sharing and capacity building among SBN members to help facilitate the design and implementation of national sustainable finance initiatives.
Ary Naim, IFC Regional Manager for Central and Southeast Europe added: “The SBN will provide invaluable knowledge and experience-sharing that will help the Serbian banking sector better manage the risks linked to climate change and channel credit to the upcoming opportunities created by Serbia’s green transition, supporting the jobs of the future. This is particularly relevant in the context of COVID-19 recovery.”