51 Recent research by the WWF Sustainable Financial Regulations and Central Bank Activities (SUSREG) reveals strides made by some central banks in integrating “green” practices into their frameworks. However, critical gaps persist, especially in addressing climate change and biodiversity concerns. While some countries have made progress, others like Kenya, Morocco, South Africa, and Zambia show less than 50 percent alignment in climate and nature alignment in banking supervision. Last year, the South African Reserve Bank launched a public consultation on climate-related risk practices and disclosures, a significant step forward. However, Kenya, Morocco, and Zambia lack sufficient regulations or supervisory expectations regarding climate and environment-related risk management for banks and insurers. WWF recommends enhancing financial supervision by fortifying regulations, integrating environmental and social considerations into monetary policy, and imposing higher capital requirements on financially harmful activities.Despite some progress, only 18 percent of central banks have integrated climate-related risks into their monetary policy. Maud Abdelli, WWF’s GFRi lead, highlights the urgency of action, stating that inaction fuels the dual climate-nature crisis, emphasizing the need for transitioning away from fossil fuels and prioritizing nature protection. In summary, while strides have been made, there’s a pressing need for comprehensive and coordinated efforts to bridge the gaps in green financial regulations across banks, ensuring a more sustainable and resilient financial system for the future. You Might Be Interested In IMF praises Oman’s financial strategy Amlak Finance Reports Decline in H1-23 Profits and Uncovers Accumulated Losses Overcoming Growth Constraints in Cambodia for Inclusive Development Targa Resources Corp. Set to Engage at Morgan Stanley Energy & Power Conference Oman’s Public Debt Declines to 35% of GDP in 2023 Coupang Finalizes Acquisition of Farfetch, Boosts Luxury Online Retail