MMA and IFC to Develop Sustainable Finance Roadmap
Photo: MMA on X
The Maldives Monetary Authority (MMA) and the International Finance Corporation (IFC) have signed a Cooperation Agreement to develop a Sustainable Finance Roadmap. This collaborative initiative aims to incorporate Environmental, Social, and Governance (ESG) risk management policies into financial practices.
MMA and IFC signed a Cooperation Agreement to develop a Sustainable Finance Roadmap. This initiative will aim to promote sustainable finance by incorporating ESG risk management policies. pic.twitter.com/JYZUgcepIg
— MMA (@MMA_Maldives) June 4, 2024advertisement
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Sustainable finance, a concept advocated by the Sustainable Banking and Finance Network (SBFN), focuses on aligning financial activities with environmental and social objectives. The IFC serves as the SBFN’s Secretariat and knowledge partner, supporting member institutions in designing and implementing sustainable finance initiatives.
The Sustainable Finance Roadmap, informed by experiences of SBFN member countries like Azerbaijan, Indonesia, and Ukraine, encompasses various pillars, including ESG Integration, Climate and Nature-related Risk Management, and Financing Sustainability.
Meanwhile, a recent World Bank report underscored the importance of safeguarding natural capital for countries like the Maldives, where the economy heavily relies on sectors such as tourism and fisheries. The report highlighted the need for sustainable coastal development, pollution management, and resource conservation to ensure long-term prosperity.
