The SBFN Secretariat organized the 8th global meeting in Rio de Janeiro, Brazil, scheduled for September 11 and 12, 2024, to which representatives of the Association of Banks of Montenegro were invited. Achievements were discussed, and SBFN members and partners were given an insight into current activities and plans through analysis and research of key topics for future work.
Conference was an opportunity to share insights into global trends and initiatives on sustainable finance by the G20 Working Group on Sustainable Finance (SFWG), the European Union and CoP29. Building on these trends and priorities, the second part of the session focused on a discussion with members on SBFN’s strategic outlook and priorities, which will be led by the SBFN Secretariat.
The messages were that with taxonomy, regulation is crucial. Public policies and the commitment of the state are decisive in the current moment of transition to a green economy. Data collection, evaluation and presentation must be strategically placed. Data must be collected from a broader perspective, not just from financial institutions. It was discussed how to accelerate growth, sustainability of the economy and its competitiveness. The business agenda should indicate that we can have financial structure, with new products, but we must also create adequate demand, so that businessmen recognize the advantages of sustainable production.
The conference highlighted key global trends, as well as unique opportunities and challenges faced by developed and developing countries – EMDE in mobilizing finance to support the transition to resilient, sustainable economies with low carbon emissions. Speakers discussed priorities for using sustainable finance to address social and economic inequalities, foster inclusive growth and promote environmental stewardship.
The key role that the financial sector plays in leading and supporting the transition was discussed and debated. Discussions focused on the responsibilities of financial sector regulators in setting and managing sustainability goals, as well as the importance of strategic planning and implementation through partnerships between the public and private sectors. Panelists, including senior representatives of international organizations, policy makers and the private sector, shared insights on the importance and challenges of transition planning. The discussions aimed to provide a comprehensive understanding of the role of the financial sector in leading the transition.
Experts discussed the obstacles and opportunities associated with the adoption and implementation of sustainability reporting standards in EMDEs. The discussion covered the various frameworks and guidelines currently available, particularly the emergence of global standards such as IFRS S1 and S2, the specific challenges EMDEs face in aligning with global standards and the benefits of increased transparency and accountability to drive the transformation towards sustainability. Collective actions and partnerships are needed to build a harmonized international approach for sustainable finance taxonomies.
Among others we had a discussion that addressed the critical role micro, small and medium enterprises (MSMEs) and supply chain financing in achieving sustainability goals. Panelists explored how democratizing access to sustainable finance can empower MSMEs to support environmental and social goals. The session highlighted the challenges MSMEs face in accessing finance and the innovative solutions being developed to overcome these obstacles. Experts shared experiences and discussed strategies to improve inclusiveness and effectiveness of sustainable finance initiatives.
