South Africa's Prudential Authority Advances Mandatory ESG Integration for Banks from Start of 2025
South Africa's Prudential Authority is requiring banks to embed climate-related risks in governance, strategy, risk management and ICAAP frameworks as 2025 begins.
Mexico's CINIF Sustainability Reporting Standards Become Mandatory for Financial Institutions from January 2025
Mexico's CINIF Financial Reporting and Sustainability Standards take mandatory effect on 1 January 2025, requiring all entities under Mexican GAAP — including banks — to integrate ESG.
Bank of America Exits Net-Zero Banking Alliance as Fourth Major US Bank to Leave in December
Bank of America withdrew from the Net-Zero Banking Alliance on 31 December 2024, the fourth large US lender to exit the UN-backed coalition that month.
Citigroup Exits Net-Zero Banking Alliance, Joining US Rivals in Departing UN Coalition
Citigroup confirmed its departure from the Net-Zero Banking Alliance on 31 December 2024, while pledging to maintain broader GFANZ climate finance commitments.
India Raises INR 440 Billion in Sovereign Green Bonds as Sustainable Debt Market Reaches USD 55.9 Billion
India raised INR 440 billion in sovereign green bonds in 2024, helping push the country's total sustainable debt market to USD 55.9 billion, with green debt at 83% of the total.
Wells Fargo Exits Net-Zero Banking Alliance, Becoming Second Major US Bank to Leave Climate Coalition
Wells Fargo quit the UN-backed Net-Zero Banking Alliance on 20 December 2024, following Goldman Sachs out of the coalition it had joined at its 2021 founding.
EU-Wide Climate Stress Test Finds Banking Sector Losses Could Exceed EUR 630 Billion in Severe Scenarios
The first EU financial-sector climate stress test found potential bank losses exceeding EUR 630 billion in the most severe combined transition and macroeconomic scenario, 90% above baseline.
Goldman Sachs Exits UN-Backed Net-Zero Banking Alliance, Citing Regulatory Reporting Burdens
Goldman Sachs quit the NZBA on 6 December 2024, becoming the first major US bank to leave the UN-backed climate coalition after departing Climate Action 100+ in August.
KBC and European Investment Bank Launch EUR 600 Million Sustainability Facility for Belgian SMEs
KBC Group and the EIB have combined to make EUR 600 million available to Belgian SMEs for renewable energy, energy efficiency, water recycling and other climate-related investments.
EU Green Bond Standard Enters Into Force in December 2024 Under Regulation (EU) 2023/2631
The EU Green Bond Standard became effective in December 2024, establishing the world's first official regulatory framework requiring EU Taxonomy alignment and independent reviews.
China, EU and Singapore Publish Multi-Jurisdiction Common Ground Taxonomy at COP29 to Harmonise Green Finance
MAS, PBoC and the EU published the Multi-Jurisdiction Common Ground Taxonomy at COP29, enabling green bonds and funds to be recognised across all three economic zones.
JPMorgan Chase Reports USD 2.14 Billion Sustainable Bonds Outstanding in Annual Green Finance Report
JPMorgan Chase's Annual Sustainable Bond Report discloses USD 2.14 billion in bonds outstanding, with proceeds allocated to wind, residential solar, and utility solar energy projects.