SUSTAINABLE FINANCING DEVELOPMENT AND CHALLENGES IN GEORGIA

The Sustainable Finance Roadmap for Georgia summarizes all possible actions that the NBG intends to implement regarding the sustainable finance development over the next three to four years. The ultimate goal of this roadmap is to create a credible, predictable and stable regulatory framework and prepare the market for transitioning to sustainable finance. It aims to support the incorporation of sustainability issues into decision-making by providing coherent and consistent actions and allowing time for the system to adapt. The Roadmap is structured around six pillars, divided into Core and Supporting Pillars. The Core Pillars include several key areas like embedding ESG considerations (including climate and nature-related issues) into risk-assessment frameworks and decision-making processes of financial institutions; supporting transparency and accurate reporting that would eventually guide more capital flows towards sustainable activities; and embedding sustainability principles into the internal operations and workflows of the National Bank of Georgia. The Supporting Pillars cover areas such as increasing awareness and capacity building on sustainable finance; and, strengthening collaboration with local and international partners to ensure policy alignment and knowledge sharing.