SBFN Member Since:

2012

Member Organisations

Asobancaria (Banking Association of Colombia)
Superintendencia Financiera de Colombia (SFC)

Progress Against Pillars and Sub Pillars

This graphic can also be found within this country’s 2019 Country Progress Report. 

Framework Documents

RefCountryPolicies/ Principles/ GuidelinesYearIssuer
50Colombia

Best Practices for the Management of Investments of the Administrators of the General Pension System

2021Financial Superintendence of Colombia (SFC)
51Colombia

External Circular 028 (Spanish)

2020Financial Superintendence of Colombia (SFC)
52Colombia

Climate Change – Policies to Manage its Macroeconomic and Financial Effects

2020Central Bank of Colombia (Banco de la Republica)
53Colombia

Recommendations and Guidelines for the Issuance of Green Bonds (English)

2020Financial Superintendence of Colombia (SFC)
53,1Colombia

Recommendations and Guidelines for the Issuance of Green Bonds (Spanish)

2020Financial Superintendence of Colombia (SFC)
54Colombia

Guide for the Preparation of ESG Reports for Issuers in Colombia (English)

2020Financial Superintendence of Colombia (SFC)
54,1Colombia

Guide for the Preparation of ESG Reports for Issuers in Colombia (Spanish)

2020Financial Superintendence of Colombia (SFC)
55Colombia

Risks and Opportunities of Climate Change (English)

2019Financial Superintendence of Colombia (SFC)
55,1Colombia

Risks and Opportunities of Climate Change (Spanish)

2019Financial Superintendence of Colombia (SFC)
56Colombia

Roadmap of Actions to Launch a Green Bond Market (English)

2017E3 and Metrix Finanzas
56,1Colombia

Roadmap of Actions to Launch a Green Bond Market (Spanish)

2017E3 and Metrix Finanzas
57Colombia

General Guidelines for the Implementation of E&S Risk Analysis

2016Asobancaria
58Colombia

Protocolo Verde (English)

2012Asobancaria
58,1Colombia

Protocolo Verde (Spanish)

2012Asobancaria

Strategic Development - Alignment with global E&S standards and best market practices

S1.1 – Does the framework make reference to international E&S targets (SDGs, Paris Agreement, Global Compact)?

No

S1.2 – Does the framework make reference to established international E&S risk management standards (IFC PSs, EPs)?

Yes

(1) – General Features – Reference standards

S1.3 – Does the framework make reference to established international sustainability reporting standards (GRI, SASB)?

Yes

(1) – General Features – Reference standards

S1.4 – Does the framework make reference to established international climate finance reporting standards (TCFD)?

Yes

S1.5 – Does the framework ask to make E&S policies, practices and results externally verified (assurance, independent review)?

No

Strategic Development - Multi-stakeholder collaboration

S2.1 – Does the framework involve interagency collaboration between financial supervisors/regulators, industry association, and FIs?

Yes

S2.2 – Does this collaboration also include other public agencies (e.g., environmental agencies, ministries)?

Yes

S2.3 – Does this collaboration also include representatives of civil society (e.g., NGOs, associations, media)?

(1) – Strategy n°3 – A)

Strategic Development - Alignment to NDCs and with National or Regional Climate Change Targets

S3.1 – Is the framework aligned with national NDCs or other national and regional policies on climate?

Yes

S3.2 – Has the SBN member identified the main climate risks (transition/physical) for their local financial sector?

No

ESG Integration - Governance of E&S

Role of Governing Bodies on E & S

E1.1 – Does the country policy require one of the FI’s governing bodies (e.g., Board of Directors, Executive Committee, Supervisory Board, etc.) to approve an E&S strategy?

Yes

E1.2 – Does the policy require management to report on E&S strategy implementation to the governing bodies?

Yes

E1.3 – Does the policy require FI operational bodies to report to the governing bodies (or specific Board committee) on implementation of the E&S strategy?

No

(3) – 5.2.2 Segundo Objetivo: Definir inversión verde en Colombia con sus categorías y subcategorías.

Organization

E1.4 – Does the framework ask FIs to define E&S roles and responsibilities?

Yes

Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E1.5 – Does the framework highlight the E&S roles of front office staff and second lines of defense (e.g. risk officers and/or compliance officers)?

No

(3) – 5.2.2 Segundo Objetivo: Definir inversión verde en Colombia con sus categorías y subcategorías.
E1.6 – Does the framework ask FIs to define E&S competencies for each role?

No

E&S Risk Management

E&S Policy

E2.1 – Does the framework ask FIs to formalize an E&S or ESG policy?

Yes

Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.2 – Does the framework encourage FIs to go beyond E&S requirements of local laws and regulations?

Yes

Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.3 – Does the framework ask FIs to set E&S objectives and targets?

No

E2.4 -Does the framework ask FIs to publicly disclose their E&S policy and its governance?

No

Risk Assessment

E2.5 – Does the framework require FIs to carry out appropriate E&S due diligence at transaction level?

Yes

(1) – Page 2 – Estrategia 3 a) & b)
Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.6 – Does the framework require FIs to carry out appropriate E&S due diligence at client level?

Yes

(1) – Page 2 – Estrategia 3 a) & b)
Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.7 – Does the framework encourage FIs to categorize projects/clients according to their level of E&S risk?

Yes

(1) – Page 2 – Estrategia 3 b)
Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.8 – For high-risk transactions, does the framework encourage site visits to be organized?

No

E2.9 – In case of negative E&S impacts, does the framework invite FIs to engage with clients to implement mitigation measures?

No

E&S Covenants

E2.10 – Does the framework ask FIs to incorporate E&S covenants and investment conditions into legal agreements with clients?

Yes

Project Supervision & Portfolio Review

E2.11 – Does the framework ask FIs to develop processes to manage E&S risks during supervision?

Yes

E2.12 – Does the framework encourage a periodic review of E&S risks at aggregate portfolio level?

No

Training

E2.13 – Does the framework ask FIs to develop and maintain E&S capacity through regular training?

Yes

(1) – Page 3 – TERCERO – Divulgacion – a)
Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.14 – Does the framework highlight the training of (i) front office staff, (ii) second lines of defense (risk officers and/or compliance officers), and (iii) E&S experts?

Yes

External Communication Mechanism

E2.15 – Does the policy require FIs to establish and maintain an inquiry/complaints/grievance mechanism in relation to E&S or ESG practices?

No

E & S Reporting

E2.16 – Does the policy require FIs to report regularly on E&S or ESG performance, including publicly, to investors or to regulators?

Yes

(1) – Page 3 – TERCERO – Divulgacion
Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

E2.17 – Does the policy make E&S or ESG reporting and disclosure more consistent across financial institutions through principles, guidelines, or templates?

No

E & S Integration - Enforcement

E3.1 – Is the implementation of the framework regularly verified or is information regularly collected from FIs?

No

E3.2 – Is there any financial and/or non-financial incentive for establishing ESRM systems?

No

E3.3 – Are there sanctions/penalties/warnings in case of noncompliance with the framework?

No

Climate and Green Finance - Products and Services

Defining sustainable assets and financial products

C1.1 – Does the framework provide definitions and examples of green assets?

Yes

(1) – Page 2 – Estrategia 1
Ecuador Sustainable Banking Protocol (ASOBANCA, 2016)

C1.2 – Does the framework provide a comprehensive taxonomy of green assets?

No

C1.3 – Does the framework provide definitions, examples, or a taxonomy of social and/or sustainable assets?

No

C1.4 – Besides debt products (loans, bonds), does the framework provide definitions and examples of different types of sustainable finance products/services (e.g., saving accounts, means of payment, insurance, private equity, etc.)?

No

Green Finance Product Guidelines

C1.5 – Does the framework provide guidelines for green loan/green credit or other green financial assets (excluding green bonds)?

No

C1.6 – Does the framework provide guidelines for issuance of green bonds?

Yes

C1.7 – Does the framework refer to existing standards (e.g., ICMA’s Green Bond Principles or CBI’s Climate Bonds Standard)? 

Yes

C1.8 – Does the framework recommend external party verification (e.g., second party opinion, assurance, certification)?

No

Climate and Green Finance - Climate and Green Investment Reporting

Tracking and Disclosure of Climate & Green Finance

C2.1 – Does the framework ask FIs to report on climate/green finance flows (quantitatively or qualitatively)?

No

C2.2 – Does the framework ask FIs to report on climate risk exposure at portfolio level?

No

C2.3 – Does the framework encourage FIs to report publicly on their green finance activities (i.e. not only to the regulator)?

No

Climate and Green Finance - Measurement

Calculation of Environmental Benefits

C3.1 – Does the framework ask FIs to calculate the environmental benefits of their investments? (e.g., CO2 emission reduction, water saving, etc.)

Yes

C3.2 – Does the framework provide a taxonomy of potential environmental impacts?

No

C3.3 – Does the framework provide methodologies, tools, and/or templates to measure and report these impacts?

No

Climate Risk Exposure Assessment

C3.4 – Does the framework ask FIs to monitor climate risk exposure at portfolio level?

No

C3.5 – Does the framework refer to specific climate risk exposure methodologies (e.g., climate scenario analysis, climate risk stress testing, calculation of carbon risk exposure, tracking of energy efficiency for real estate portfolio)?

No

C3.6 – Does the framework encourage FIs to take mitigating steps on these risks?

No

Climate and Green Finance - Incentives

Financial and Non-Financial Incentives

C4.1 – Does the framework provide any type of incentives for green financial products and services?

No

C4.2 – More specifically, does the framework introduce financial incentives on green products and services?

No