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Bank of China becomes first Chinese bank to join TNFD, NGFS seeks feedback from African central banks, Bangladesh Bank trains executives in climate disclosures and more in this week’s roundup.
Bank of China becomes first Chinese bank to join TNFD
The Bank of China recently became the first of the nation’s financial institutions to join the Taskforce on Nature-related Financial Disclosures (TNFD). This move from the state-owned multinational bank underscores China’s expanding role in setting nature-related disclosure norms as well as the standards’ growing significance for Chinese firms.
Tim Skeet, a member of the Bank of China’s London branch executive committee, stated the bank “is proud to step-up and shoulder this responsibility. We look forward to working together with important global partners to seek solutions to the pressing problems of climate change and loss of biodiversity … this is a vital task that requires multinational cooperation, understanding and the development of global standards.”
Simultaneously, the TNFD has initiated two consultation groups to adjust capacity-building initiatives to local market demands. One is steered by the Institute of Finance and Sustainability in Beijing, and the other is co-led by the Hong Kong Green Finance Association and the Business Environment Council in Hong Kong.
David Craig, TNFD co-chair, highlighted China’s instrumental role in the negotiation of the Kunming-Montreal Global Biodiversity Framework and looked forward to further collaboration with Chinese entities.
NGFS engages African central banks in climate strategy
The Network for Greening the Financial System (NGFS) held an outreach event in January focused on how to tailor its climate risk tools to the specific requirements of African economies. The event, hosted by the South African Reserve Bank, emphasised international collaboration and capacity building to address climate-related risks.
In a keynote speech, NGFS chair Sabine Mauderer said: “The needs of African central banks and supervisors can differ significantly from those of their counterparts in Europe or Asia.” She pinpointed data shortages and resource limitations as critical areas for development.
Mauderer announced plans for targeted training activities to be delivered by the NGFS, inviting feedback from African central banks on how to tailor the training resources to their different situations.
Following the event, Mauderer posted her reflections on LinkedIn, describing the discussions as “candid … We talked about fostering hands-on capacity building, cooperating on climate risk analysis, and raising awareness for climate adaptation – always considering specific country needs.”
At a separate high-level meeting for African central banks, also in Cape Town and organised by the Basel Committee on Banking Supervision, Mauderer emphasised the need to integrate climate risks into supervisory frameworks.
Bangladesh prepares executives for new climate disclosure rules
In a move to cultivate a sustainable finance ecosystem, Bangladesh Bank conducted a two-day workshop in Dhaka last month, training 200 senior executives from banks and financial institutions on sustainability and climate-related financial disclosures.
The event, in collaboration with the Joint Impact Model Foundation, aimed to prepare participants for the forthcoming implementation of standards set by the International Sustainability Standards Board. Beginning with a limited disclosure scheme, Bangladeshi firms will be required to start reporting on sustainability in their 2025 annual reports.
The workshop delved into areas like financed emissions, sustainability reporting, and broader impact metrics, introducing attendees to bespoke toolkits for compliance with the new standards.
Simultaneously, the bank is developing a climate vulnerability function to bolster risk assessment and resilience, underscoring the Bangladesh Bank’s commitment to fostering sustainable financial practices, and long-term environmental and economic resilience.
Rwanda strengthens sustainable bond market
Rwanda’s Capital Market Authority (CMA) has launched new guidelines to enhance the credibility of its sustainable bond market and combat greenwashing. These guidelines will be mandatory for public bond listings on the Rwanda Stock Exchange.
CMA chief executive Thapelo Tsheole said that these guidelines aim to produce “securities that are internationally credible, replicable, and attractive to global investors”, drawing from international standards like the Green Bond Principles and Climate Bonds Initiative’s standards.
This regulatory move supports Rwanda’s broader sustainability goals, including the National Bank of Rwanda’s green taxonomy and the stock exchange’s ESG banking guidelines. It aims to attract responsible investments, increase transparency and establish Rwanda as a pioneer in sustainable finance.
Japanese economy conference: a call for papers
The Japan Economy Network (JEN) is inviting researchers to submit papers on climate change economics and sustainability for its seventh annual conference being held in London in August. Potential topics include climate adaptation strategies, sustainable finance, biodiversity economics, and other other social impact subjects.
The JEN, established in 2015, promotes research on the Japanese economy and fosters exchange among researchers from academia, thinktanks, international organisations, central banks, governments, NGOs and the private sector.
The organisers are particularly keen to see contributions from young scholars. The submission deadline for papers is 28 March 2025.
This page was last updated February 12, 2025
Written by
Ike Walker, a Green Central Banking contributor since 2023, has a decade's experience in research writing. An Utrecht-based scholar, Ingrid specialises in transformative justice, green finance, law and systems change. They are an Utrecht University's Bright Minds scholar and previously worked for Cambridge University and various justice-based NGOs.
