可持续银行与金融网络：2025全球进展报告

SUSTAINABLEBANKINGANDFINANCENETWORK

GLOBALPROGRESSREPORT

2025

AbouttheSustainableBankingandFinanceNetwork

Establishedin2012,SBFNisavoluntarycommunityoffinancialsectorregulators,centralbanks,minis-triesoffinance,ministriesofenvironment,andindustryassociationsfromemergingmarketscommittedtoadvancingsustainablefinance.IFC,partoftheWorldBankGroup,isSBFN’sSecretariatandknowledgepartner,assistingmemberstoshareknowledgeandaccesscapacitybuildingtosupportthedesignandim-plementationofnationalsustainablefinanceinitiatives.AsofOctober2025,SBFNcomprises101memberinstitutionsrepresenting72countriesincluding7regionalmemberscoveringanadditional32countriesinemergingmarkets,andatleastUS$79.5trillion(96percent)ofthetotalbankingassetsinemergingmarkets.SBFNmembersarecommittedtomovingtheirfinancialsectorstowardssustainability,withthetwingoalsofimprovedenvironmentalandsocialriskmanagement(includingdisclosureofclimaterisks)andincreasedcapitalflowstoactivitieswithpositiveclimate,environmental,andsocialimpact.Formoreinformation,visit

/

AboutIFC

IFC—amemberoftheWorldBankGroup—isthelargestglobaldevelopmentinstitutionfocusedontheprivatesectorinemergingmarkets.Weworkinmorethan100countries,usingourcapital,expertise,andinfluencetocreatemarketsandopportunitiesindevelopingcountries.Infiscalyear2025,IFCcommittedarecord$71.7billiontoprivatecompaniesandfinancialinstitutionsindevelopingcountries,leveragingprivatesectorsolutionsandmobilizingprivatecapitaltocreateaworldfreeofpovertyonalivableplanet.Formoreinformation,visit.

©InternationalFinanceCorporation2025Allrightsreserved.

2121PennsylvaniaAvenue,N.W.Washington,D.C.20433Internet:.

InternationalFinanceCorporation(IFC)istheSecretariatfortheSustainableBankingandFinanceNetwork(SBFN).IFCandSBFN,inconsultationwithSBFNmembershaveproducedareportentitledSustainableBankingandFinanceNetworkGlobalProgressReport2025(the“Work”).ThematerialinthisWorkiscopyrighted.Copyingand/ortransmittingportionsorallofthisWorkwithoutpermissionmaybeaviolationofapplicablelaw.IFCandSBFNencouragedisseminationoftheWorkandgrantpermissiontoreproduceportionsoftheWorkpromptly,whenthereproductionisforeducationalandnon-commercialpurposes,withoutafee,subjecttosuchattributionsandnoticesasIFCmayreasonablyrequire.Thismaterialisdistributedsubjecttotheconditionthatitshallnot,bywayoftradeorotherwise,belent,re-sold,hiredout,orotherwisecirculatedonacommercialbasiswithoutIFC'spriorconsent.

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Thefindings,interpretations,andconclusionsexpressedinthisWorkdonotnecessarilyreflecttheviewsoftheExecutiveDirectorsofTheWorldBankGroup,orthegovernmentstheyrepresent.ThecontentsofthisWorkareintendedforgeneralinformationalpurposesonlyandarenotintendedtoconstitutelegal,securities,orinvestmentadvice,anopinionregardingtheappropriatenessofanyinvestment,orasolicitationofanytype.IFCoritsaffiliatesmayhaveaninvestmentin,provideotheradviceorservicesto,orotherwisehaveafinancialinterestin,certainofthecompaniesandpartiesnamedherein.

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TableofContents3

TableofContents

Figures,Charts,andBoxes

4

AbbreviationsandAcronyms

4

ForewordfromtheSBFNChair

5

ForewordfromtheCo-ChairsoftheSBFNMeasurementWorkingGroup

6

KeyData-Progresssince2023

7

Introduction

8

I.OverallProgressandTrends

9

1.OverviewoftheSBFNMeasurementFrameworkandtheSBFNDataPortal

9

2

.HighlightsofSBFNMembers’Progress

10

3

.SummaryofKeyTrends

12

II

.ResultsofPillar-LevelBenchmarking

14

1.Pillar1:ESGIntegration

14

Pillar-levelProgress

15

RecommendationsforSBFNMembers

17

2.Pillar2:ClimateandNature-relatedRiskManagement

18

Pillar-levelProgress

19

RecommendationsforSBFNMembers

22

3.Pillar3:FinancingSustainability

24

Pillar-levelProgress

25

RecommendationsforSBFNMembers

28

III

.OutlooksandRecommendations

31

Appendices

33

AppendixA.RegionalHighlights

33

AppendixB.SBFNActivitiesandMilestones

37

AppendixC.ListofSBFNMembersasofAugust31,2025

39

AcknowledgmentsandContributors

41

AbbreviationsandAcronyms4

FIGURES,CHARTS,ANDBOXES

Figure1:OverviewoftheSBFNMeasurementFramework

Figure2:SBFNDataPortal

Figure3:2025SBFNOverallProgressionMatrix

Figure4:OverallProgressionMatrixMilestones

Figure5:ProgressionMatrixResultsforPillar1ESGIntegration

Figure6:ProgressionMatrixResultsforPillar2ClimateandNature-relatedRiskManagement

Figure7:ProgressionMatrixResultsforPillar3FinancingSustainability

Figure8:TypeofAssetsCoveredinFinancingSustainabilityFrameworks

Figure9:CapacityBuildingConceptualFramework

9

10

10

11

14

18

24

27

32

ABBREVIATIONSANDACRONYMS

ASEANAssociationofSoutheastAsianNations

BCBSBaselCommitteeonBankingSupervision

COP292024UnitedNationsClimateChangeConference

DFIDevelopmentFinanceInstitutions

EMDEsEmergingMarketsandDevelopingEconomies

E&SEnvironmentalandSocial

ESGEnvironmental,Social,andGovernance

ESRMEnvironmentalandSocialRiskManagement

GBFKunming–MontrealGlobalBiodiversityFramework

GSSGreen,Social,andSustainability

GSSSGreen,Social,Sustainability,andSustainability-LinkedIFCInternationalFinanceCorporation

IFRSInternationalFinancialReportingStandards

ISFInclusiveSustainableFinance

ISSBInternationalSustainabilityStandardsBoard

MSMEsMicro,Small,andMediumEnterprises

NBSAPNationalBiodiversityStrategyandActionPlan

SBFNSustainableBankingandFinanceNetwork

TCFDTaskForceonClimate-relatedFinancialDisclosures

TNFDTaskforceonNature-relatedFinancialDisclosures

VMEVulnerable,Marginalized,andExcluded

Foreword5

ForewordfromtheSBFNChair

Emergingmarketsanddevelopingeconomies(EMDEs)requireanadditional$4trillionannually—abovecurrentspendinglevels—toclosecriticalinvestmentgaps.Thisunderscoresboththemagni-tudeandurgencyofmobilizingfinanceforsustainabledevelopment.Asaglobalcommunityofregulatorsandindustryassociations,theSustainableBankingandFinanceNetwork(SBFN)playsacrucialroleincreatingtheenablingenvironmentneededtoaddressthischallenge.

Iampleasedtosharethe2025SBFNGlobalProgressReport,which,togetherwiththeSBFNDataPortal,highlightstheprogressofourmembersinshapingtheglobalsustainablefinanceagenda.TheNetwork’scontinuedgrowth,nowcomprising101institutionsacross72countries,demon-stratesastrongcollectivecommitmenttoadvancingthisagenda.

Weareseeingmembersmovebeyondpolicydevelopmenttowardpracticalimplementation,suchasintegratingenvironmental,social,andgovernance-relatedriskmanagementintoregulatoryre-quirementsandriskassessments.ReflectingtheWorldBankGroup’sfocusonjobcreationandrecognizingthevitalcontributionofsmallerenterprisesindrivingemploymentinEMDEs,nearlyhalfofmembercountrieswithsustainablefinanceframeworkshaveintroducedmeasurestoex-pandfinanceforsmallerbusinesses.Thisprogressisevidentinthegrowthofthethematicbondmarket,whereSBFNmembershavecollectivelyissued$790.5billioninthematicbonds,represent-ing94percentofallemerging-marketissuance.

ThestrengthofourNetworkliesinitsmembers—regulatorsandindustryassociationswhoseleadershipandcollaborationaredrivingsystemicchange.SBFNwillcontinuetofosterknowledgeexchangeandequipmemberswithpracticaltoolsandresources,deepeningsupportthroughin-novation,capacitybuilding,andnewpartnerships.

OnbehalfoftheSBFNSecretariat,IextendmysincereappreciationtoallSBFNmembersfortheircommitmentanddedication.Together,wewillcontinuetoacceleratemeaningfulchangetowardamoreresilient,inclusive,andsustainablefutureforall.

AlfonsoGarciaMora

VicePresidentforEuropeandLatinAmericaandtheCaribbean,IFC

ChairoftheSecretariatofthe

SustainableBankingandFinanceNetwork

Foreword6

ForewordfromtheCo-chairsoftheSBFNMeasurementWorkingGroup

Asco-chairsoftheSBFNMeasurementWorkingGroup,wearedelightedtopresentSBFN’s2025GlobalProgressReportandtheDataPortal,andtheupdated2025SBFNMeasurementFrameworkandMethodology,whichre-flectsthecollectiveachievementsSBFNmembercoun-trieshavemadesinceourlastdatacollectionin2023.

Atthiscrucialmomentintime,wherewearefacedwithanumberofglobalchallenges,rangingfromclimaterisksandbiodiversitylosstosocialinequali-tiesandfinancialinstability,collectiveactionismorecrucialthanever.Asweapproach2030andseektoachievetheclimategoals,theneedtofillfinancinggapsbecomeincreasinglyurgent,particularlyinareassuchasclimateadaptationandnatureconservation.Atthesametime,inclusionisshapingthesustainablefinanceagenda,ensuringthatvulnerablepopulationsandunderservedsectorsarenotleftbehind.Bywork-ingtogether,wecanacceleratetheimplementationofsustainablefinanceframeworks,strengthenresilience,andensurethatfinancialsystemsplayatransforma-tiveroleinachievingglobalsustainabilityobjectives.

The2025updateoftheMeasurementFrameworkpro-videsgreaterclarityandusability,withrefinedindicatordefinitionstoimproveconsistencyandcomparabilityacrossmembers.Italsoexpandscoverageofinclusivesustainablefinance,drawingontherecentSBFNWhitePaper,“LeavingNoOneBehind:UnlockingFinanceinEmergingMarkets.”Newsupplementaryquestions

invitememberstohighlightprogress,innovations,andforward-lookingnationalplans,whileupdatestothePreparationStageQuestionnairecaptureamoredi-versesetofearly-stageactionsandpathwaystowardsustainablefinance.

TheSBFNDataPortal,launchedin2024,hasbecomeacornerstonefortrackingsustainablefinanceprogressacrosscountries.Forthefirsttime,thisyear’sdatacol-lectionwasconductedentirelythroughtheportal,en-ablingscalablereporting,real-timeupdatesonpolicydevelopments,andmultidimensionalbenchmarkingacrossregionsandindicators.ThisonlinestrategictoolwillsupportthecontinuedexpansionofSBFNmem-bershipwithscalabilityandallowmemberstoreporttheirpolicydevelopmentsinrealtime,facilitatingpeer-to-peerlearning,knowledge,andexperiencesharing.

WehopethattheGlobalProgressReportandtheDataPortalwillserveasaplatformforSBFNmemberstore-flectonourcollectiveprogress,shareexperiences,andlearnfrompeers,whilealsoofferingguidancetoshapefuturestrategiesforeffectiveframeworkimplementation.

WeextendourappreciationtoallSBFNmembersfortheircontributiontothedatacollectionprocess,andtheSBFNSecretariatandIFCfortheirsupportthroughout.Lookingahead,weinviteyoutobuildonthismomen-tum,deepencollaboration,andturntheprogressreflect-edinthisreportintolastingimpact.

YasserMounsif

HeadofCorporateFinanceandFinancialDisclosure

Department

MoroccanCapitalMarketAuthority(AMMC)

VanessaEstefaníaGarcíaRocha

HeadoftheSustainableFinanceGroup

FinancialSuperintendencyofColombia(SFC)

KeyData-Progresssince20237

KeyData—Progresssince20231

MEMBERSHIPANDPOLICYACTIONSHIGHLIGHTS

72

44

MEMBERCOUNTRIES

including7regionalmembers

coveringanadditional32countries

COUNTRIES

launched145newframeworks

101MEMBERINSTITUTIONS

including63regulatorsand38industryassociations

US$79.5

TRILLION(96%)

564

Totalsustainablefinanceframeworksissuedin

SBFNcountries

34%

Bankingassetsinemerging

marketsrepresentedby

SBFNmembership

PROGRESSIONMATRIXHIGHLIGHTS

34

COUNTRIES

movedforwardintheOverallProgressionMatrix

28

COUNTRIES

movedforwardinthePillar2ProgressionMatrix

20

COUNTRIES

movedforwardinthePillar1ProgressionMatrix

20

COUNTRIES

movedforwardinthePillar3ProgressionMatrix

PILLARBENCHMARKINGHIGHLIGHTS

PILLAR2

PILLAR3

ClimateandNature-relatedRiskManagement

5541%countrieslaunchedframeworks

2624%countrieshavemandatoryframeworks

4137%countriesdevelopedtechnical

guidanceandtools

27125%countrieshaveundertakenassesments

toidentifysystemicESGrisks

6950%countriespublishedframeworkstodirectfinancialflowstosustainableassets

26100%countriesand4regionspublished

sustainablefinancetaxonomies2

3963%countriesprovideguidelinesandtoolstosupportissuanceofthematicbonds

US$790.5

billionofthematicbondsissuedacross48SBFNcountries

5967%countrieslaunchedframeworkson

climateriskmanagement

25175%countrieslaunchedframeworkson

natureriskmanagement

5359%countriesdevelopedtechnical

guidanceandtools

haveundertakenassessmentsonphysicalandtransitionrisks

PILLAR1

ESGIntegration

FinancingSustainability

200%

6

Percentageincreaseiscalculatedincomparisontothe2024GlobalProgressBrief.ForthepurposesoftheSBFNMeasurementFramework,theterm“nationalframework(s)”canrefertooneorseveralpolicies,roadmaps,guidance,regulations,and/orprinciplesissuedbyregulatorsorindustryassociationsinrelationtoeachpillarofsustainablefinance.Asinglecountrymaythereforehavemultipleframeworksissuedbydifferentinstitutionsorcoveringdifferentpillars.

1Theindicatorsreportedinthe2025GlobalProgressReportarebasedonthedatareportedbymembersuptoJuly2025.AnynewdevelopmentsthattookplaceafterJuly2025,orthatwerenotreportedbymemberstotheSBFNSecretariataspartofthedatacollectionprocess,maynotbeaccountedfor.

2Inthisreport,thetermtaxonomy(ortaxonomies)referstosustainablefinancetaxonomy,whichisaclassificationsystemidentifyingactivities,assets,and/orprojectcategoriesthatdeliveronkeyclimate,green[environmental],socialorsustainableobjectiveswithreferencetoidentifiedthresholdsand/ortargets.

Introduction8

Introduction

Theglobalsustainablefinancemarketcontinuestoexpandamidmacropressures—includinghighinterestrates,persistentinflation,geopoliticaluncertainty,andincreasedscrutinyoverESGclaims.In2024,theglobalissuanceofgreen,social,sustainability,andsustainability-linked(GSSS)bondshitarecordhighof$1trillion,a3percentincreasefromthepreviousyear.3ESGdemandremainsresilient,withinvestorsfocusingoncredible,long-term,risk-alignedstrategies.

SBFNmemberscontinuetomakeprogressinadvancingsustainablefinancepoliciesandregulatoryframeworks,despitethechallengingglobalenvironment.Sincethelastdatacollec-tionin2023,membershiphasgrownto72countries,representing101institutions(including7regionalmembers,coveringanadditional32countries)inemergingmarketsand96percentoftotalbankingassetsinEMDEs.Duringthisperiod,136newsustainablefinanceframeworkswereintroducedbySBFNmembersandUS$790.5billion4havebeenissuedinthematicbondsacross48SBFNcountries5,contributingtostrengthenedESGintegration,enhancedclimateandnature-relatedriskmanagement,andincreasedcapitalflowstowardssustainableinvest-ments.ThisdemonstratesthecontinuedcommitmentofemergingmarketsandSBFNmem-berstoadvancingsustainablefinance.

The2025datacollectionwasguidedbytheupdatedSBFNMeasurementFrameworkandMethodologyandwasconductedforthefirsttimethroughtheSBFNDataPortal6,

markingamajormilestoneinourdatacollectionefforts.Theportalstreamlinestheprocess,servingasaone-stopplatformthatmakesdatacollectionandverificationmoreefficient,ac-cessible,andscalabletoaccommodateSBFN’sgrowingmembership.Beyonddatacollection,italsoservesasacomprehensiveplatformfordatavisualizationandknowledgesharing,featur-ingaglobaldashboard,countryprofiles,aframeworklibrary,andcasestudies.Additionally,forthefirsttime,the2025datascopeencompassesbothbankingandnonbankingsectorsforallSBFNcountries,enablingamorecomprehensiveassessmentofmembers’progressacrossthefinancialecosystem—includingbanking,securities,insurance,andpensions.Thisexpand-edcoverageprovidesdeeperinsightintohowsustainablefinanceframeworksareshapingthebroaderfinancialsectorlandscapeinEMDEs.

3IFC(InternationalFinanceCorporation).2024.“EmergingMarketGreenBonds”.

/en/insights-reports/2025/emerging

-market-green-bonds-2024.

4ThetotalofallthematicbondsissuedbySBFNcountriessince2014.

5WorldBank2025EnvironmentalFinanceData.ThedatasetsourcehaschangedfromBloomberg(BNFE)inthe2024GlobalProgressBrieftoEnvironmentalFinanceinthe2025GlobalProgressReport.

6SBFNDataPortal:

/

.

I.OverallProgressandTrends9

I.OverallProgressandTrends

1.

OVERVIEWOFTHESBFNMEASUREMENTFRAMEWORKANDTHESBFNDATAPORTAL

The2025benchmarkingofsustainablefinanceprogresswasconductedthroughtheSBFNDataPortalandagainstthethreepillarsoftheupdatedSBFNMeasurementFramework:ESGIn-tegration,Climate-andNature-RelatedRiskManagement,andFinancingSustainability.TheMeasurementFrameworkconsistsof110underlyingdatapointstoobjectivelyassessacountry’sprogressinimplementingasustainablefinanceframeworkaccordingtocomprehensivenessandalignmentwithinternationalgoodpractices,aswellastomeasureimplementationbythecountry’sfinancialsector,basedonthe3pillars,3cross-cuttingsub-pillars,and11cross-cut-tingindicators(seefigure1).The“yes/no”responsestothesequestionsarecomplementedbysub-questionsintheSBFNMemberDataCollectionSurveytocapturemoregranulardataandaresupportedbyevidenceanddocumentationprovidedbySBFNmembers.

FIGURE1:OVERVIEWOFTHESBFNMEASUREMENTFRAMEWORK

3pillars,3cross-cuttingsub-pillars,11cross-cuttingindicators,110underlyingdatapoints

PILLAR1

ESGINTEGRATION

PILLAR2

CLIMATEANDNATURE-RELATED

RISKMANAGEMENT

SUB-PILLAR1-NATIONALFRAMEWORK

PILLAR3

FINANCINGSUSTAINABILITY

•Frameworkadoption

•Alignmentwithinternationalgoals&standards

SUB-PILLAR2-REGULATORYANDINDUSTRYASSOCIATIONACTIONS

•Assesment

•Technicalguidance

•Governancestructure&collaboration

•Capacitybuilding&awareness

•Supervisoryactivities&incentives

•Tracking&aggregateddisclosure

SUB-PILLAR3-FINANCIALSECTORIMPLEMENTATION

•Quantitativedataonframework(s)implementationbythefinancialsector

•Alignmentwithnationalgoals&standards

•Expectationsoffinancialinstitutions'actions

Source:2025SBFNMeasurementFrameworkandMethodology

ThesurveywasconductedthroughtheSBFNDataPortal,aone-stoponlineplatformofferingacomprehensiveoverviewofsustainablefinanceinitiativesinSBFNmembercountries(seefigure2).Surveyresponseswerethenanalyzedandmappedintothreemilestonestages(Preparation,Implementation,andMaturing),witheachstagefurtherdividedintotwosubstages.

I.OverallProgressandTrends10

FIGURE2:SBFNDATAPORTAL

ThefollowingsectionsummarizestheresultsoftheDataCollection,highlightingtheprogressobservedacrossSBFNcountriesandthetrendsidentifiedfromtheinformationreportedbymembers.7Formoredetailonregionalandcountry-levelprogressandhighlights,seethesummaryinAppendixA.

HIGHLIGHTSOFSBFNMEMBERS’PROGRESS

2.

The2025SBFNProgressionMatrixdemonstratessteadypolicyactionsbySBFNmemberstoexpandanddeepennationalandregionalsustainablefinanceframeworkdevelopmentandimplementationinlinewithinternationaltrendsandgoodpractices(seefigure3).

FIGURE3:2025SBFNOVERALLPROGRESSIONMATRIX

Preparation

MAINSTREAMINGBEHAVIORALCHANGES

ADVANCING

COMMITMENT

FORMULATING

DEVELOPING

CONSOLIDATING

PRO

6

le“D

34

on

GRESSSINCE2023

newcountries

apfroggedto

eveloping”substagecountriesmovedupesubstage

10

COUNTRIES

ImplementationMaturing

1

COUNTRY

38

COUNTRIES

:::::

●●●●●

●●●..

.....

.....

...

23

COUNTRIES

...●●

:::::

.....

...

7TheindicatorsreportedintheGlobalProgressReportarebasedonthedatareportedbymembersuptoJuly2025.AnynewdevelopmentsthattookplaceinorafterJuly2025,orthatwerenotreportedbymemberstotheSBFNSecretariataspartofthedatacollectionprocess,maynotbeaccountedfor.Thefindingsofthereportcoveratotalof72countriesand7regionalmembers.

I.OverallProgressandTrends