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

This edition was published in April 2021, and will be periodically updated to reflect subsequent developments.

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 ChinaChina 50 C 10 16 24 0

Central Bank/Supervisor

People's Bank of China, China Banking and Insurance Regulatory Committee

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Member of NGFS

Low-impact

Monetary Policy

16 out of 50

High-impact

  • N/A

Medium-impact

  • Banks must offer reduced interest rates for loans to pollution control facilities, environmental protection and infrastructure, renewable energy, etc (referred to here)

  • PBoC’s Notice Regarding Promoting Credit Asset and Collateral in Central Bank Evaluation established Green bonds, loans, and securities with an AA rating and above accepted as collateral in medium-term lending facility and green loans accepted as part of the standing lending facility (referred to here)

  • 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)

Financial Policy

24 out of 50

High-impact

  • N/A

Medium-impact

  • – 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) –

  • Bank 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)

  • Mandatory climate risk disclosure for all financial firms (under discussion)

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

Low-impact

  • N/A

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • PBoC, CSRC, NDRC announced updated green bond guidelines which now exclude ‘clean coal’ (referred to here), but the Green Industry Guidance Catalogue still includes ‘clean utilisation of coal’

2 BrazilBrazil 45 C- 10 16 18 1

Central Bank/Supervisor

Banco Central do Brasil

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

Low-impact

Monetary Policy

16 out of 50

High-impact

  • N/A

Medium-impact

  • Ban on financing for sugar cane crop expansion in the Amazon, Pantanal and other zones

  • Condition on rural credit in the Amazon whereby borrowers must show proof of environmental compliance (study on impact on deforestation)

  • ‘Green Liquidity Facility’ (formal commitment)

  • ‘Green Bureau of Rural Credit’ and incentives for green rural credit (formal commitment)

Low-impact

  • Sustainability criteria in the management of international reserves (formal commitment)

Financial Policy

18 out of 50

High-impact

  • N/A

Medium-impact

  • Mandatory incorporation of exposure to S&E risks in the Internal Capital Adequacy Assessment Process (ICAAP), including dislosure of exposure to S&E risks

  • Financial institutions are required to to implement a Policy for Socio-Environmental Responsibility that is proportional to its exposure to environmental risks and to its relative importance to the financial sector

  • Financial institutions are required to incorporate socio-environmental risks into their risk management and governance structures

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

Low-impact

  • N/A

Leading by Example

1 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Disclosure of BCB’s socio-environmental risks (formal commitment)

  • Thematic exposition of ‘sustainable finance’ at the Bank’s Museum of Economy (formal commitment)

  • Reduction of the environmental impact of the cash cycle (formal commitment)

  • Management Plan on Sustainable Logistics and Policy for Socio-Environmental Responsibility

3 FranceFrance 43 C- 10 3 22 8

Central Bank/Supervisor

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

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Banque de France (including ACPR) is a member of the NGFS

Low-impact

Monetary Policy

3 out of 50

High-impact

  • N/A

Medium-impact

  • Incorporating climate considerations into corporate bond purchase programme (under discussion at ECB)

  • Climate-related adjusments to collateral policy (assumed to be under discussion given that Oustry et al, 2020 is co-authored by the Deputy Director of the Monetary Policy Implementation Directorate, and the February 2021 speech by Villeroy de Galhau supported “reducing climate risk in concrete terms, through our asset purchases and collateral policies”)

Low-impact

Financial Policy

22 out of 50

High-impact

  • N/A

Medium-impact

  • Mandatory sustainability-related disclosure in the financial services sector

  • Banks are required to integrate climate and environmental risks into risk management practices

  • ACPR has conducted a climate stress test on the main French banking and insurance groups

  • ECB 2022 climate stress test will focus on climate-related risks (formal commitment)

  • Differential prudential treatment of exposures related to environmental objectives (under discussion at EBA – required by CRR)

Low-impact

Leading by Example

8 out of 20

High-impact

  • N/A

Medium-impact

Low-impact

4 United KingdomUnited Kingdom 38 D+ 10 4 19 5

Central Bank/Supervisor

Bank of England

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Member of the NGFS

Low-impact

Monetary Policy

4 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

  • Due Diligence Questionnaires on collateral holdings (referred to in our bilateral interactions)

Financial Policy

19 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

5 European UnionEuropean Union 33 D+ 10 2 15 6

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 members of the NGFS

Low-impact

Monetary Policy

2 out of 50

High-impact

  • N/A

Medium-impact

  • Incorporating cimate considerations into corporate bond purchase programme (under discussion)

Low-impact

Financial Policy

15 out of 50

High-impact

  • N/A

Medium-impact

  • Mandatory disclosure of sustainability risks

  • Banks are required to integrate climate and environmental risks into risk management practices

  • 2022 climate stress test will focus on climate-related risks (formal commitment)

  • Differential prudential treatment of exposures related to environmental objectives (under discussion at EBA – required by CRR)

Low-impact

  • EBA launched a consultation to incorporate ESG risks into the governance, risk management and supervision of credit institutions and investment firms

Leading by Example

6 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Contributed to development of the EU taxonomy

  • Runs ECB Listens event which allows civil society to raise environment-related questions

  • Sustainable and responsible investment practices in the management of their non-monetary portfolios (referred to here).

  • Annual environmental statement

  • Contribution to the IMF’s green bond fund

  • Establishment of a climate change centre

  • Climate stress test of Eurosystem balance sheet (under discussion – referred in our bilateral interactions)

  • Disclosure of own climate risks (formal commitment)

6 ItalyItaly 31 D+ 10 2 15 4

Central Bank/Supervisor

Banca d'Italia, European Central Bank, 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

Monetary Policy

2 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Financial Policy

15 out of 50

High-impact

  • N/A

Medium-impact

  • Mandatory sustainability-related disclosure in the financial services sector

  • Banks are required to integrate climate and environmental risks into risk management practices

  • ECB 2022 climate stress test will focus on climate-related risks (formally committed)

  • Differential prudential treatment of exposures related to environmental objectives (under discussion at EBA – required by CRR)

Low-impact

  • EBA launched a consultation to incorporate ESG risks into the governance, risk management and supervision of credit institutions and investment firms

Leading by Example

4 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • – Contributed to the development of the EU taxonomy –  –  –

  • Disclosure of own climate risks (formal commitment)

  • Sustainable investment policy for non-monetary portfolios (referred to here and in our bilateral interactions)

  • Internal training initatives on climate and environmental risk (referred to in our bilateral interactions)

  • Annual environmental report

7 GermanyGermany 29 D 10 1 15 3

Central Bank/Supervisor

Deutsche Bundesbank, European Central Bank, European Banking Authority

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Member of NGFS

Low-impact

Monetary Policy

1 out of 50

High-impact

  • N/A

Medium-impact

Low-impact

Financial Policy

15 out of 50

High-impact

  • N/A

Medium-impact

  • Mandatory sustainability-related disclosure in the financial services sector

  • Banks are required to integrate climate and environmental risks into risk management practices

  • ECB 2022 climate stress test will focus on climate-related risks (formally committed)

  • Differential prudential treatment of exposures related to environmental objectives (under discussion at EBA – required by CRR)

Low-impact

  • EBA launched a consultation to incorporate ESG risks into governance, risk management and supervision of credit institutions and investment firms

Leading by Example

3 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

8 IndonesiaIndonesia 21 D 10 1 8 2

Central Bank/Supervisor

Bank Indonesia, 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

  • BI issued voluntary Green Lending Model Guidelines for Mini Hydro Power Plant Projects (referred to here)

Financial Policy

8 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • OJK issued a Clean Energy Handbook for Financial Insistitutions. OJK’s guidelines for banks include:

    • integration environmental factors into risk management
    • sustainable finance targets and submission of an annual sustainable finance action plan as well as a sustainability report to OJK
    • checking if borrowers have a valid environmental license
    • development sustainable finance products and/or services and build the human resources necessary to run sustainable finance programmes
    • allocation of a portion of CSR funds to support the implementation of sustainable finance
    • integration of sustainable finance into vision, mission, governance, etc

     

  • Engagement in external education on sustainable finance

Leading by Example

2 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Guidelines and incentives for green bond issuance

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

  • Development of a green taxonomy (formal commitment)

9 JapanJapan 19 D- 10 5 4 0

Central Bank/Supervisor

Bank of Japan and Financial Services Authority Japan

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

5 out of 50

High-impact

  • N/A

Medium-impact

  • Loan Support Program offers loans at below market rate to financial institutions to support priority lending sectors including environment business

Low-impact

  • N/A

Financial Policy

4 out of 50

High-impact

  • N/A

Medium-impact

  • FSA guidance toward green sectors (formal commitment referred to here)

Low-impact

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
10 AustraliaAustralia 15 D- 10 0 4 1

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

Low-impact

Leading by Example

1 out of 20

High-impact

  • N/A

Medium-impact

  • N/A
11= CanadaCanada 13 D- 10 0 2 1

Central Bank/Supervisor

Bank of Canada, Office of the Superintendent of Financial Institutions

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

  • N/A

Financial Policy

2 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

Leading by Example

1 out of 20

High-impact

  • N/A

Medium-impact

  • N/A
11= MexicoMexico 13 D- 10 1 1 1

Central Bank/Supervisor

Banco de Mexico, Comision National Bancaria y de Valores

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Banco de Mexico and CNBV are members of NGFS

Low-impact

Monetary Policy

1 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)

Low-impact

  • N/A

Financial Policy

1 out of 50

High-impact

  • N/A

Medium-impact

  • Measures related to climate and environmental risk identification, assessment, and disclosure (under discussion)

Low-impact

  • N/A

Leading by Example

1 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Incorporation of SRI principles into fixed-income holdings in own portfolios (referred to here)

  • Develop definitions and standards for green loans, bonds, and infrastructures (under discussion)

13= United StatesUnited States 11 D- 10 0 1 0

Central Bank/Supervisor

Federal Reserve

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

  • N/A

Financial Policy

1 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
13= South KoreaSouth Korea 11 D- 10 0 1 0

Central Bank/Supervisor

Bank of Korea, FSS Korea, FSC Korea

More info


Research & Advocacy

10 out of 10

High-impact

  • N/A

Medium-impact

  • Bank of Korea is a member 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

1 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Prevent greenwashing and market confusion by specifying green industries (formal commitment referred to here)

15 IndiaIndia 9 F 3 5 1 0

Central Bank/Supervisor

Reserve Bank of India

More info


Research & Advocacy

3 out of 10

High-impact

  • N/A

Medium-impact

  • N/A

Monetary Policy

5 out of 50

High-impact

  • N/A

Medium-impact

  • The Priority Sector Lending programme imposes a minimum credit floor on lending to certain environmentally friendly sectors

Low-impact

  • N/A

Financial Policy

1 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Issued a circular to all commercial bank on CSR, sustainable development, and non-financial reporting

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
16 RussiaRussia 8 F 5 0 1 2

Central Bank/Supervisor

Bank of Russia

More info


Research & Advocacy

5 out of 10

High-impact

  • N/A

Medium-impact

  • Member of NGFS

Low-impact

  • N/A

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

1 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • Bank of Russia ran a consultation on the impact of climate change on the financial sector

Leading by Example

2 out of 20

High-impact

  • N/A

Medium-impact

  • N/A
17 South AfricaSouth Africa 7 F 7 0 0 0

Central Bank/Supervisor

South African Reserve Bank

More info


Research & Advocacy

7 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

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
18 TurkeyTurkey 4 F 1 0 3 0

Central Bank/Supervisor

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

More info


Research & Advocacy

1 out of 10

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

3 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

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

  • In 2018, BRSA conducted the “Turkish Banking Sector Sustainability Survey” presenting basic issues, concepts, tools and global trends as well as a stocktaking of sustainability-related capacity, policies and activities of banks in Turkey (referred to in our bilateral interations)

  • The final report detailing the survey results was shared with banks’ relevant staff and highest level executives directly responsible for sustainability issues (referred to in our bilateral interactions)

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
19= ArgentinaArgentina 0 F 0 0 0 0

Central Bank/Supervisor

Central Bank of Argentina

More info


Research & Advocacy

0 out of 10

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A
19= Saudi ArabiaSaudi Arabia 0 F 0 0 0 0

Central Bank/Supervisor

More info


Research & Advocacy

0 out of 10

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Monetary Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Financial Policy

0 out of 50

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A

Leading by Example

0 out of 20

High-impact

  • N/A

Medium-impact

  • N/A

Low-impact

  • N/A