On September 26, 2023, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (hereinafter – the Agency), with the support of the International Finance Corporation (hereinafter – IFC), held a seminar on the environmental and social risk management system for financial organizations, DKNews.kz reports.
The seminar was attended by representatives of second-tier banks, insurance organizations, professional participants in the securities market, non-bank financial organizations and other stakeholders.
Within the framework of this event, a draft Guide on Environmental and Social Risk Management (ESRM) was presented for the first time for representatives of financial organizations.
The draft ESRM Guidelines were developed within the framework of cooperation between the Agency and IFC on the development of sustainable and "green" financing and the development of ESG standards in Kazakhstan.
The draft ESRM Guidelines provide for procedures for managing ESG risks, integrating such risks into the decision-making process on lending and further monitoring.
The decision-making process on the loan will involve a comprehensive environmental and social assessment to determine the compliance of the funded project with ESG standards.
In addition, the ESRM Management will determine the procedures for integrating ESG risks into the corporate governance system of financial organizations.
This event was held within the framework of the Roadmap approved by the Agency to raise awareness on ESG and sustainable Financing for 2023, which is posted on the Agency's website in the section "Sustainable Financing".
Information about upcoming seminars is periodically published in the "News" section of the Agency's website.
