The Green Central Banking Scorecard, produced by Positive Money and Green Central Banking, scores and ranks the full range of green policies and initiatives adopted by G20 central banks. The analysis is based on a literature review, expert consultations, and bilateral interactions with central bankers and supervisors.

  • Incremental progress is being made by many central banks, and for the first time one country (France) has been awarded a grade higher than C. However, the world’s largest economies still have a long way to go.
  • France once again tops the league table, thanks to aligning its non-monetary portfolios with the 1.5ºC target and excluding fossil fuels.
  • France is followed by Italy, Germany and the European Central Bank (ECB), reflecting a commitment from the ECB to limit the amount of carbon intensive assets financial institutions can use as collateral when borrowing from it. The ECB has also pledged to decarbonise its own assets by aligning its corporate bonds with 1.5ºC global warming, and suggestions that it may implement a green lending scheme, which offers cheaper funds for green activities.
  • China (which in 2021 was in first place) has slipped to joint sixth place. Despite having a green lending scheme, its domestic credit guidance favours coal production.
  • Brazil has dropped from second place to joint sixth due to the central bank’s relatively slow progress in implementing its formal commitments, and India has also fallen two places to twelfth position.
  • The US also slips down the table, after another year of minimal progress from the Federal Reserve, despite a commitment to conduct a climate scenario analysis in 2023.
  • Some progress has been made on Research and Advocacy, with 17 of the G20 countries now having achieved full marks, compared to 14 in 2021, reflecting how climate is now considered an important issue for central banks.
  • Regulators increasingly recognise the need for tools to manage climate risks, with extensive scenario analyses looking at how financial institutions are exposed to these risks. Some central banks are building climate into their supervision of financial institutions.

Switzerland is not included in the scorecard as it is not a G20 country. However, the Swiss National Bank is systemically important to the global financial system, meaning that green policies it implements could have relatively high global impact. Since the last edition, the Swiss Financial Market Supervisory Authority has introduced mandatory disclosures of climate-related financial risks and conducted a pilot climate scenario analysis on two banks. In this edition, Switzerland would score 26 points, putting Switzerland in 11th place, down from eighth in the previous edition

This edition was published in November 2022.

Rank Country Aggregate Score (out of 130) Grade (A+ to F) Research and Advocacy (out of 10) Monetary Policy (out of 50) Financial Policy (out of 50) Leading by Example (out of 20)
1 FranceFrance 70 B- 10 12 31 17

Central Bank/Supervisor

Banque de France, Autorité de Controle Prudentiel et de Résolution, European Central Bank and European Banking Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Banque de France (including ACPR) is an NGFS member

Low-impact

Monetary Policy

12 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Financial Policy

31 out of 50

High-impact

  • Climate-related quantitative and qualitative restrictions on banks’ portfolios (under discussion at ECB)

Medium-impact

Low-impact

Leading by Example

17 out of 20

High-impact

Medium-impact

  • N/A

Low-impact

2 ItalyItaly 61 C+ 10 12 31 8

Central Bank/Supervisor

Banca d'Italia, European Central Bank and European Banking Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Banca d’Italia is a member of NGFS

Low-impact

Monetary Policy

12 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Advanced ESG data model in the Centralised Securities Database (CSDB), identifying all types of sustainable bonds; will rank sustainability level as “self labelled”, “verified by a second party” and “fully certified”

  • ECB accepts sustainability-linked bonds as collateral

  • ECB will make environmental sustainability disclosures a condition of eligibility in collateral purchases (formal commitment, implementation in 2026)

  • ECB will make environmental sustainability disclosures a condition of eligibility in the corporate sector purchase programme (formal commitment, implementation in Q1 2023)

  • ECB purchased green bonds under both the corporate and public sector purchase programmes

  • Climate change risks incorporated into haircuts applied to corporate bonds used as collateral (under discussion at ECB)

  • Eurosystem will implement a set of common minimum standards for how national central banks’ in-house credit assessment systems should include climate-related risks in their ratings (formal commitment, implementation in 2024)

Financial Policy

31 out of 50

High-impact

  • Climate-related quantitative and qualitative restrictions on banks’ portfolios (under discussion at ECB)

Medium-impact

Low-impact

Leading by Example

8 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Responsible investment charter for non-monetary portfolios, tilting protfolio towards firms with decarbonisation plans

  • Banca d’Italia’s financial education website has a dedicated page on sustainable and green finance

  • Banca d’Italia will complete climate stress testing of own balance sheet using NGFS scenarios (formal commitment, implementation in 2023)

  • Creation of external climate change and sustainability hub

  • Creation of internal climate change and sustainability committee

  • Report on sustainable investments and climate related risks discloses methodology and results of incorporating ESG into Banca d’Italia’s non-monetary portfolios

  • Contributed to the development of the EU taxonomy; scorecard points suspended due to inclusion of gas

  • Six training courses for internal staff including green finance, sustainability, carbon neutrality and net zero, UN Agenda 2030

  • Environment policy for Banca d’Italia operations: resources, waste, mobility, procurement, culture with commitment to becoming net-zero aligned

  • Annual environmental report (2021)

3 GermanyGermany 60 C+ 10 12 30 8

Central Bank/Supervisor

Deutsche Bundesbank, European Central Bank and European Banking Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Bundesbank is an NGFS member

Low-impact

Monetary Policy

12 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Advanced ESG data model in the Centralised Securities Database (CSDB), identifying all types of sustainable bonds; will rank sustainability level as “self labelled”, “verified by a second party” and “fully certified”

  • ECB accepts sustainability-linked bonds as collateral

  • ECB will make environmental sustainability disclosures a condition of eligibility in collateral purchases (formal commitment, implementation in 2026)

  • ECB will make environmental sustainability disclosures a condition of eligibility in the corporate sector purchase programme (formal commitment, implementation in Q1 2023)

  • ECB purchased green bonds under both the corporate and public sector purchase programmes

  • Climate change risks incorporated into haircuts applied to corporate bonds used as collateral (under discussion at ECB)

  • Eurosystem will implement a set of common minimum standards for how national central banks’ in-house credit assessment systems should include climate-related risks in their ratings (formal commitment, implementation in 2024)

Financial Policy

30 out of 50

High-impact

  • Climate-related quantitative and qualitative restrictions on banks’ portfolios (under discussion at ECB)

Medium-impact

Low-impact

Leading by Example

8 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Sustainable investment policies in Bundesbank’s euro- denominated non-monetary policy portfolio includes tilting based on carbon risk rating and greenhouse gas intensity

  • Disclosure of Bundesbank’s progress towards operational environmental goals in environment reports

  • Education for young people, high-school teachers and students, and university students on climate-related financial risk and green finance within Bundesbank, and at Euro20+ events

  • Eurosytem’s BIS innovation hub to build a database of corporate climate-related disclosures (formal commitment)

  • Green finance dashboard hosted by Bundesbank; tracks national emissions and green finance metrics

  • Eurosystem has contracted ESG rating agencies Carbon4 and ISS ESG to integrate climate risk into the non-monetry policy portfolio

  • Climate-related disclosures of euro-denominated non-monetary policy portfolios by Deutsche Bundesbank (2022 results)

  • Creation of green finance steering committee

  • Contributed to the development of the EU taxonomy; scorecard points suspended due to inclusion of gas

  • Internal environmental policy

4 European UnionEuropean Union 58 C 10 12 28 8

Central Bank/Supervisor

European Central Bank and European Banking Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • ECB and EBA are NGFS memers

Low-impact

Monetary Policy

12 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Advanced ESG data model in the Centralised Securities Database, identifying all types of sustainable bonds; will rank sustainability level as “self labelled”, “verified by a second party” and “fully certified”

  • ECB accepts sustainability-linked bonds as collateral

  • ECB will make environmental sustainability disclosures a condition of eligibility in collateral purchases (formal commitment, implementation in 2026)

  • ECB will make environmental sustainability disclosures a condition of eligibility in the corporate sector purchase programme (formal commitment, implementation in Q1 2023)

  • ECB purchased green bonds under both the corporate and public sector purchase programmes

  • Climate change risks incorporated into haircuts applied to corporate bonds used as collateral (under discussion at ECB)

  • Eurosystem will implement a set of common minimum standards detailing how national central banks’ in-house credit assessment systems should include climate-related risks in their ratings (formal commitment, implementation in 2024)

Financial Policy

28 out of 50

High-impact

  • Climate-related quantitative and qualitative restrictions on banks’ portfolios (under discussion at ECB)

Medium-impact

Low-impact

Leading by Example

8 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

5 United KingdomUnited Kingdom 56 C 10 10 27 9

Central Bank/Supervisor

Bank of England and Prudential Regulation Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Member of the NGFS

Low-impact

Monetary Policy

10 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Financial Policy

27 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Leading by Example

9 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

6= BrazilBrazil 53 C 10 18 18 7

Central Bank/Supervisor

Banco Central do Brasil

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Member of the NGFS

Low-impact

  • Financial stability report (October 2022) includes anlaysis of exposure of financial system to i) transition risk and ii) extreme drought

  • Memorandum of understanding with the Climate Bonds Initiative

  • 2020 conference on sustainability regulatory initiatives

  • NGFS interview with Fernanda Nechio

  • Campos Neto 2020 presentation on the Brazilian Economic Outlook and Agenda BC#

Monetary Policy

18 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Sustainability criteria in the management of international reserves and monitoring of CO2 emissions to assess portfolio’s carbon profile.

  • Public consultation on sustainability criteria applicable to rural credit operations

Financial Policy

18 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Inclusion of climate risk scenarios in new and improved system-wide stress tests (formal commitment)

  • BCB surveying financial institutions on incorporation of climate risks into risk management process, including exposure assessments, climate scenarios, stress testing and internal governance

  • CMN Resolution No. 4,968: financial institutions are required to integrate ESG into their internal control systems (referred to in bilateral interactions)

  • Creation of new indicators to monitor social, environmental, and climate risk (formal commitment)

  • Public consultation on regulation on risk management and social, environmental and climate responsibility

Leading by Example

7 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

6= ChinaChina 53 C 10 12 31 0

Central Bank/Supervisor

People's Bank of China and China Banking & Insurance Regulatory Commission

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • PBoC is an NGFS member

Low-impact

Monetary Policy

12 out of 50

High-impact

  • N/A

Medium-impact

  • Carbon emission reduction facility – banks must offer reduced interest rates for loans to pollution control facilities, environmental protection and infrastructure, renewable energy etc (fully implemented); scorecard points suspended due to credit guidance towards coal under the “special central bank lending to support the clean and efficient use of coal”

  • PBoC’s notice regarding promoting credit asset and collateral in central bank evaluation established green bonds, loans and securities; ratings of AA and above accepted as collateral in medium-term lending facility and green loans accepted as part of the standing lending facility (referred to here; fully implemented)

  • Interest rate provided to banks on required reserves may be increased if the bank is assessed to be greener in the PBoC’s macroprudential assessments (referred to here)

Low-impact

  • PBoC issued notice on issues relating to improving environmental protection in credit policy, which provided guidance for banks on “how to better include environmental variables in credit decisions” (referred to here)

  • PBoC is increasing the allocation of green bonds in the country’s foreign exchange reserves

Financial Policy

31 out of 50

High-impact

  • N/A

Medium-impact

  • Banks and insurance institutions are required to gradually reduce the carbon intensity of asset portfolios in an orderly manner and finally realise the carbon neutrality of asset portfolios (as per green finance guidelines)

  • Banks are required to incorporate environmental risks into risk management and governance processes (see, for example, 2012 Notice on Issuing Green Credit Guidelines, referred to here)

  • Banks are required to shift lending towards environmentally friendly projects (see, for example, 2007 Opinions on Implementing Environmental Protection Policies and Rules and Preventing Credit Risks and the 2012 Notice on Green Credit Guidelines referred to here)

  • Banks are required to shift lending away from unsustainable projects (see, for example, 2007 Opinions on Implementing Environmental Protection Policies and Rules and Preventing Credit Risks and the 2012 Notice on Green Credit Guidelines referred to here; scorecard points temporarily suspended due to China’s current domestic credit guidance towards coal production

  • Mandatory climate risk disclosure for all financial firms (formal commitment; referred to here)

  • Lower risk weights for green assets (under discussion; referred to here)

Low-impact

  • PBoC conducted stress tests of 21 commercial banks and two development banks; only focused on the effects of increased emissions costs on asset quality and capital adequacy levels; results published

  • PBoC guidelines on environmental information disclosure for financial institutions: information on voluntary disclosures, which are encouraged to happen at least once a year

  • CBIRC issued opinions on energy efficiency and emission reductions in credit extension, which provided “specific guidance on how banks can contribute to national environmental goals” (referred to here)

  • CBIRC’s Notice of Submission of Green Credit Statistics requires that the 21 main banks report green credit statistics (referred to here)

  • CBIRC’s Notice of the Key Performance Indicators of Green Credit Implementation, which established “quantitative and qualitative indicators for assessing performance” (referred to here)

  • CBIRC issued guidelines on incorporating ESG requirements into the entire credit granting process (referred to here)

  • Banks and insurance institutions are required to establish green finance organisation and coordination mechanisms, and are encouraged to carry out innovaiton in green finance (under green finance guidance)

  • Banks and insurance institutions are encouraged to incorporate ESG requirements into management processes, disclosures and interaction with stakeholders (under green finance guidance)

  • CBIRC issued guidelines on environmental risk management systems (referred to here)

  • Inclusion of green bonds in the green finance evaluation plan, which will assess the share of green bonds in financial institutions’ total assets

  • Banks and insurance institutions are guided to actively support the green and low-carbon development efforts under the Belt and Road initiative (under green finance guidelines)

  • PBoC has said it will “not build coal-fired power plants abroad” (as the statement was vague and details are yet to be provided, this is a ‘low impact’ policy)

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Green Bond Endorsed Projects Catalogue (2021): PBoC, China Securities Regulatory Commission and National Development and Reform Commission announced updated green bond guidelines which exclude “clean coal”

    Green Industry Guidance Catalogue still includes “clean utilisation of coal”

    Common ground taxonomy: comparison of EU and China taxonomies, to harmonise cross border green investment; can be used as a voluntary reference by market participants when issuing or trading green financial products.; based on Green Bond Endorsed Projects Catalogue, so excludes coal projects

8 JapanJapan 35 D+ 10 6 14 5

Central Bank/Supervisor

Bank of Japan and Financial Services Agency

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • BoJ and FSA are members of NGFS

Low-impact

Monetary Policy

6 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Loan support programme offers loans at below market rate to financial institutions to support priority lending sectors including environment business (downgraded from medium impact as the wording is vague and the environment portion of this has effectively been replaced by the scheme above)

Financial Policy

14 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Leading by Example

5 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

9 IndonesiaIndonesia 30 D+ 10 1 14 5

Central Bank/Supervisor

Bank Indonesia and Otoritas Jasa Keuangan

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Bank Indonesia and OJK are members of the NGFS

Low-impact

Monetary Policy

1 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Acceptance of non-governmental green bonds as collateral in market operations (under discussion, referred to in bilateral interactions)

  • BoI issued voluntary green lending model guidelines for mini-hydro power plant projects (referred to here)

Financial Policy

14 out of 50

High-impact

  • N/A

Medium-impact

  • BI has implemented borrower-based prudential measures for incentivising financing of green automotives and housing (referred to here)

Low-impact

Leading by Example

5 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • BI preparing a new framework for developing SMEs into green SMEs (formal commitment; referred to in bilateral interactions)

  • BI Institute adopted climate-related issues into the curriculum for internal capacity-building

  • Socially responsible investment principles followed in non-monetary portfolios, in line with the main principles of security, liquidity and return (referred to here and in bilateral interactions)

  • BI to publish disclosures of emissions in accordance with IFRS sustainability disclosure standards (formal commitment)

  • BI developing framework for greening operations in energy and buildings (formal commitment)

  • BoI developing a new green cash management framework (formal commitment)

  • Guidelines and incentives for green bond issuance (referred to here and here)

  • BI and OJK coordinated seminars and workshops for bankers and supervisors on environmental risk assessment and green finance (referred to here)

  • OJK contributed to the Indonesia green taxonomy

  • Programme intended to present success stories of innovative green finance (formal commitment; referred to here as “scalable green programme development” and here as “real programme development”)

  • National campaign for sustainable finance (formal commitment; referred to here and here)

10 CanadaCanada 28 D 10 2 14 2

Central Bank/Supervisor

Bank of Canada and Office of the Superintendent of Financial Institutions

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • BoC and OSFI are NGFS members

Low-impact

Monetary Policy

2 out of 50

High-impact

  • N/A

Medium-impact

  • Climate considerations in BoC’s collateral framework eligibility criteria and haircut application (under discussion, referred to in bilateral interactions)

  • Framework for climate considersations in BoC’s asset purchase programmes (under discussion, referred to in bilateral interactions)

Low-impact

  • Consultation with market participants on greening the BoC’s market operations (formal commitment, implementation in autumn 2022)

Financial Policy

14 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Leading by Example

2 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

11 MexicoMexico 23 D 10 4 4 5

Central Bank/Supervisor

Banco de Mexico and Comision National Bancaria y de Valores

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • BdM and CNBV are members of NGFS

Low-impact

Monetary Policy

4 out of 50

High-impact

  • N/A

Medium-impact

  • Inclusion of data on individuals and businesses sanctioned by the Federal Environmental Protection Agency in credit analysis (under discussion)

  • Banco de Mexico is considering expanding the exclusion criteria for investment in international reserves to environmental considerations (under discussion)

Low-impact

  • Banco de Mexico is assessing ESG data and rating providers methodologies, seeking to expand the universe of eligible green bonds in their international reserves

  • Banco de Mexico is including ESG evaluation in the risk management framework of international reserves

Financial Policy

4 out of 50

High-impact

  • N/A

Medium-impact

  • Measures related to climate and environmental disclosure (under discussion)

  • Manadatory incorporation of climate into risk management practices of commercial and development banks (under discussion)

Low-impact

Leading by Example

5 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Banco de Mexico is leading a financial education and capacity building program on ESG disclosures and climate risk analaysis (referred to here)

  • Banco de Mexico has taken actions to reduce electricity consumption, water consumption, paper consumption, and promote hybrid vehicles and recycling

  • Creation of a sustainable finance committee, an umbrella organisation of Ministry of Finance, Banco de Mexico and financial agencies which engages with the private sector and promotes green finance

  • Incorporation of SRI and ESG criteria into fixed-income holdings in own portfolios (referred to here and in bilateral interactions)

  • Develop definitions and standards for green loans, bonds, and infrastructures (under discussion); one of the sustainable finance committee’s working groups is called “sustainable taxonomy” (referred to here)

12 IndiaIndia 21 D 10 0 10 1

Central Bank/Supervisor

Reserve Bank of India

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

10 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Consultative discussion paper assessing the progress of regulated entities in managing climate risk, covering governance, strategy, risk management and disclosure

Leading by Example

1 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Creation of a sustainable finance group to coordinate regulatory initiatives in the areas of sustainable finance and climate risk

  • India’s finance ministry working to develop a sustainable finance taxonomy, supported by the RBI (referred to here; formal commitment)

13 South KoreaSouth Korea 19 D- 10 1 6 2

Central Bank/Supervisor

Bank of Korea, Financial Supervisory Service and Financial Services Commission

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • BoK, FSC and FSS are members of NGFS

Low-impact

Monetary Policy

1 out of 50

High-impact

  • N/A

Medium-impact

  • Bank of Korea to expand supply of green funds to SMEs through the financial intermediated lending support facility (under consideration)

Low-impact

Financial Policy

6 out of 50

High-impact

  • N/A

Medium-impact

  • FSC has issued a declaration of support for TCFD and outlined a plan to make ESG disclosures mandatory for all Kospi-listed firms (formal commitment to mandatory disclosure)

Low-impact

Leading by Example

2 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

14 RussiaRussia 18 D- 8 0 8 2

Central Bank/Supervisor

Bank of Russia

More info


Research & Advocacy

8 out of 10

High-impact

  • N/A

Medium-impact

  • Member of NGFS

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

8 out of 50

High-impact

  • N/A

Medium-impact

  • Bank of Russia considering raising capital requirements for lending to firms with insufificent climate disclosures (under discussion)

  • Bank of Russia considering reducing capital requirements for lending to green projects (under discussion)

  • Mandatory ESG disclosures (formal commitment)

  • Regulatory incentives for ESG financing (under discussion), including differentiated criteria for banks depending on exposure to climate-related financial risks (under discussion)

Low-impact

Leading by Example

2 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Establishment of own corporate sustainability development policy including: reducing resource consumption, increasing energy efficiency, implementing programmes for employees in line with social UN sustainable development goals (formal commitment)

  • Working group on sustainable development financing to participate in developing sustainable taxonomies (formal commitment)

  • Developed standards on the issuance of green bonds (revised in April 2020); also currently developing eligibility criteria for sustainable development projects, as well as basic guidelines for green instruments (referred to here)

  • Established a working group responsible for financing sustainable development projects (referred to here, although unclear exactly what this means or entails)

15 AustraliaAustralia 17 D- 10 0 4 3

Central Bank/Supervisor

Reserve Bank of Australia and Australian Prudential Regulation Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • RBA and APRA are members of the NGFS

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

4 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

Leading by Example

3 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

16 United StatesUnited States 16 D- 10 0 6 0

Central Bank/Supervisor

Federal Reserve

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

6 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
17 TurkeyTurkey 14 D- 10 0 2 2

Central Bank/Supervisor

Central Bank of the Republic of Turkey and Banking Regulation and Supervision Agency

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

2 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • BRSA stress test and scenario analysis which incorporates climate risk (formal commitment, implementation in December 2025).

  • BRSA to standardise ESG practices within regulatory infrastructure (formal commitment, implementation in December 2025)

  • BRSA to encourage sustainable loans through incentive mechanisms within the microprudential regulatory framework (vague how this will be done, formal commitment, implementation in 2025)

  • BRSA to increase of bank’s climate risk management capacity through corporate structuring, risk analysis, risk management plans, reporting and elimination of data gaps (formal commitment, implementation in December 2023).

  • BRSA creation of data infrastructure at sector, sub-sector, location and firm levels to analyse climate-related financial risks (formal commitment, implementation in December 2022)

  • BRSA (2021) guidelines on loan origination and monitoring processes set expectations for banks on development of policies on climate risks and environmentally sustainable lending

  • BRSA raised LTV ratio from 80% to 90% for housing with class A energy performance certificate and 85% for housing with class B (this measure was only in place for a few months before all LTV ratios were raised in response to Covid-19)

Leading by Example

2 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

18 South AfricaSouth Africa 13 D- 10 0 2 1

Central Bank/Supervisor

South African Reserve Bank

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Member of NGFS

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Sarb to develop guidelines for monetary policy to respond to physical and transition risk (formal commitment)

Financial Policy

2 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact