Brazil, Colombia and Mexico lead other Latin American countries in terms of promoting sustainable finance in the region, according to the International Finance Corporation, or IFC.
The three are among the 12 Latin American member countries of the IFC's sustainable banking network, or SBN, a group of economies that have launched banking reforms to promote development and curb climate change, according to a report from the World Bank Group arm.
The SBN lays out three stages — preparation, implementation and maturation — in its timeline of progress toward sustainable finance policies. Of the members in the region, Brazil, Colombia and Mexico are already in the advanced phase of the implementation stage.
The developments include Brazil's monitoring of the environmental benefits of banks' portfolios and the creation of a methodology for calculating exposure to climate risks, Colombia's creation of the sustainable construction financing market, and the launch of Mexico's green bond principles through the Climate Finance Advisory Council.
Meanwhile, the IFC said five countries in the region have moved up to the next stage of progress.
Founded in 2012, the SBN represents $43 trillion, or 86% of banking assets in emerging markets.
