Costa Rica

As part of the Financial System Assessment Program (FSAP) performed by the World Bank in September 2022, a Technical Note on the Greening of the Financial System was issued. Additional World Bank support will address the recommendations from Technical Note, which beginning in January 2024.

With GIZ's support, development of enabling conditions for the implementation of stress tests with a climate approach in the financial system. As a first step, a survey on the subject is being conducted among the supervised institutions.

The Green Climate Fund authorized an amount of USD 627,000 for the development of a national taxonomy in Costa Rica, among other aspects, with UNEP's support.

IFC, FMO and Norfund support the CCSBSO for (1) the development of a uniform taxonomy for the region, (2) implementation of ESG criteria in supervised institutions, and (3) incorporation of Climate and Social Risk Assessment in supervision practices. All components will include training for the superintendencies on those subjects, including SUGEF.

In October 2023, the four financial superintendencies of the country jointly issued a Statement of Commitment for a more Sustainable and Resilient Finanical System to address Climate Change

SUGEF issues a Regulation on ESG and Climate Risks Management, and its corresponding guidelines

An adjustment to SUGEF´s Data Capture, Verification and Loading System came into force for supervised institutions to report financing flows towards activities with a positive climate impact. This requirement applies to new operations from January 2022 onwards.

In November 2022, as part of a project with the Central American Council of Superintendents of Banks, Insurance and Other Financial Institutions (CCSBSO, an SBFN member), a face-to-face workshop was organized for technical staff members of banks on social risk management.

With the support of UNEP-FI, 30 SUGEF staff members attended a three-week workshop on "Environmental and Social Risk Assessment"

Two workshops on the financial risks related to climate change were organized for members of the National Supervision Council of the Financial Sector (CONASSIF): the first in August 2021 by the Toronto Center, and the second in October by the Climate Change Directorate of the Ministry of Environment and Energy, with the support of UNEP.

In December 2021, with the support of GIZ, a workshop on "Climate risk: recent advances and achievements in the financial sector" was organized for General Managers, Chairmen of the Board of Directors and Risk Directors of the supervised institutions.

In October 2021, with the support of UNDP, workshops on the application of the "Guideline for the reporting of information on climate financing in Financial Institutions supervised by SUGEF" was organized for technical staff of supervised institutions and SUGEF.

As of Q4 2020, Costa Rica has issued green bonds with a cumulative value of $504 million

National Council for Supervision of the Financial System undertakes the Environmental and Social Risk: Technical Assistance Training Project

MINAE sets Costa Rica’s 2020 Nationally Determined Contributions (NDCs) to the Paris Agreement (second version of the NDCs, the first one being issued in 2015)

SUGEF, with assistance from the Ministry of Environment and Energy (MINAE), holds round table discussions with government agencies and supervised financial institutions to discuss green finance and risk management

BNV publishes the Green Economy Principles

With the support of GFLAC, SUGEF publishes Monitoring of Climate Financing in Financial Entities Supervised by SUGEF in Costa Rica: Guide for Reporting

Chamber of Banks and Financial Institutions issues the Green Protocol for Banking

BNV issues the Guide for the Implementation of the Green Economy Principles

The National Decarbonization Plan of the Government of Costa Rica 2018-2050 is issued

SUGEF joins SBFN

The National Stock Exchange (BNV) issues the Voluntary Guide for Creating Sustainability Reports

The National Climate Change Adaptation Policy of Costa Rica 2018-2030 is issued