SINGAPORE, 21 March 2024 – WWF-Singapore (World Wide Fund for Nature Singapore) published the seventh Sustainable Banking Assessment (SUSBA) report, providing a comprehensive evaluation of the environmental and social (E&S) integration performance of 39 ASEAN banks and 10 major Japanese and Korean banks. The SUSBA framework serves as a decision-useful assessment tool focusing on E&S issues most relevant to the Asian region, offering valuable insights for stakeholders, policymakers, and financial institutions.
Developed by WWF-Singapore, the SUSBA framework is aligned with existing international frameworks, standards, and initiatives, including the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines, UNEP-FI Principles for Responsible Banking (PRB), Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and Sustainability Accounting Standards Board (SASB). The SUSBA assessments enable stakeholders to track banks’ progress and performance on ESG integration year-on-year, facilitating informed decision-making and promoting transparency in the financial sector.
Key Findings from the SUSBA 2023 Report:
- Overall Progress: The SUSBA 2023 report highlights a 5.6% increase in overall scores since the 2022 assessment results, with notable progress observed in the ‘People’ pillar.
- Regional Leadership: Early adopters of sustainable banking practices, such as Singapore and Malaysia, continue to lead the way, with mature banks in each country maintaining their leadership positions.
- Philippines’ Improvement: The Philippines demonstrated the largest year-on-year improvement (43% overall), attributed to regulatory support such as the Central Bank’s Sustainable Finance Framework disclosure circular in 2021.
- Palm Oil sector: A surge in the adoption of no-deforestation, no peat, no exploitation (NDPE) commitments among palm oil sector banks, with 13 institutions now implementing requirements for clients, up from 10 in 2022.
- Energy sector: A notable rise in banks committing to implementing Task Force on Climate-related Financial Disclosures (TCFD) standards, marking an 11 percentage point increase year-on-year.
- Seafood sector: Progress towards conservation efforts, evidenced by the passing of the UN High Seas Treaty after nearly two decades of global effort.
Mr. Vivek Kumar, Chief Executive Officer, WWF-Singapore, said, “SUSBA over the last 7 years has been a key engagement tool for WWF and has been used by financial institutions in the region to inform their sustainability policies. The report highlights both the progress made and the challenges ahead, underscoring the need for accelerated action to address environmental challenges and integrate sustainability into the financial sector.”
The SUSBA 2023 report serves as a valuable resource for stakeholders committed to driving positive change in the financial sector and advancing towards a more sustainable future for all.
For more information and to access the full SUSBA 2023 report, visit https://www.wwf.sg/susba/
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For more media inquiries, please contact:
| Hazel Xu Head, Brand & Communications hxu@wwf.sg |
About WWF-Singapore
World Wide Fund for Nature (WWF) is one of the world’s largest and most respected independent conservation organisations. WWF’s mission is to stop the degradation of the earth’s natural environment and to build a future in which humans live in harmony with nature. As one of WWF’s international hubs, WWF-Singapore supports a global network spanning over 100 countries.
WWF-Singapore works closely with local stakeholders towards a greener and more sustainable Singapore and the region around us. We work to address key conservation areas, such as deforestation, illegal wildlife trade, oceans, food security, sustainable finance and sustainable consumption through education and outreach efforts with individuals, businesses and governments.
For more information, please visit wwf.sg.
