Bangladesh's Central Bank takes an approach of “developmental central banking” and has deployed its financial, regulatory and persuasive powers to advance financial services to underserved groups. More recently it has extended this approach by establishing requirements that banks undertake environmental risk analysis, and direct a minimum proportion of their loans to green projects such as renewable energy and energy efficiency. Bangladesh Bank, represented by its former Governor on the Inquiry’s Advisory Council, worked with the Inquiry to commission an assessment of its work linking monetary policy and sustainability.

The Inquiry’s engagement in Bangladesh has been carried out through a strong partnership with Bangladesh Bank, led by the Bank's former Governor and Advisory Council member, Dr Atiur Rahman. The Inquiry has also worked with research partners including the Bangladesh Institute of Bank Management,the International Institute for Sustainable Development (IISD), the Swiss-based Council on Economic Policies.

Brazil has taken several steps to develop a green financial system. The BOVESPA Stock Exchange first set up its Corporate Sustainability Index (ISE) in 2005. The Banco Central do Brasil (BACEN) has put in place requirements for banks to monitor environmental risks, building on a voluntary Green Protocol from the banking sector. Brazil's banking association, FEBRABAN, working with the Inquiry has begun to develop a standardized assessment methodology and automated data collection system to monitor flows of finance green economy sectors. A further area of potential are steps to remove legal uncertainty for environmental damage in terms of lender liability.

The Federação Brasileira das Associações de Bancos (FEBRABAN), represented by its President on the Inquiry’s Advisory Council, Murilo Portugal has drawn on the Inquiry’s international network and knowledge in advancing Brazil’s domestic dialogue on sustainable finance. The Center for Studies in Sustainability of the Getúlio Vargas Foundation (GVces) has also been a key research partner.  

In the face of urgent environmental challenges, policy and regulatory weaknesses in the real economy and longer term economic opportunities, China has seen the potential for embedding environmental considerations in its financial market development.  Initial developments focused on improving the environmental impact of bank lending through the Green Credit Guidelines of the China Banking Regulatory Commission. In 2014 The People’s Bank of China established a Green Finance Task Force co-convened with the Inquiry, to develop recommendations for a comprehensive program of reforms to enhance market information, strengthen legal frameworks, strengthen fiscal incentives and institutional design. Some of these proposals are now being further developed under an expanded Green Finance Committee.

China's central bank, the People’s Bank of China (PBoC), has co-convened with the Inquiry a Green Finance Task Force involving dozens of officials and market actors to draw up proposals for a green financial system. The Inquiry has also worked with the International Institute for Sustainable Development and the Development Research Centre of the State Council in research workshops and a study tour to bring Chinese and international experts together.

India’s focus is on harnessing the financial system to provide the capital required to bring clean, affordable and reliable supplies of water and energy to all of its 1.3 billion citizens. A core financial policy in India is the Priority Sector Lending  requirement for banks to allocate 40% of lending to key sectors such as agriculture and small and medium-sized enterprises. In 2015, the Reserve Bank of India (RBI) included lending to small renewable energy projects within the targets. The RBI has a vision of introducing market for trading priority sector lending obligations, incentivizing lower cost delivery. Efforts to strengthen business responsibility in the financial sector have also been stepped up, with the Indian Banking Association introducing the National Voluntary Guidelines for Responsible Finance in 2015.

India's Federation of Indian Chambers of Commerce and Industry (FICCI) has catalysed a high-level dialogue between the industry, government and regulators as to how to best align India’s developing financial system with the country’s massive investment needs. The Inquiry's work in India has also been stewarded by Naina Lal Kidwai, Chairman of HSBC India and member of the Advisory Committee.

Indonesia has taken steps to embed environmental considerations into banking regulations date since 1998, but had only modest effects. In late 2014, the new financial regulator OJK launched its Roadmap for Sustainable Finance, the country’s first attempt to map out the developments needed to advance sustainable finance through 2019. The Roadmap covers banking, capital markets and non-bank financial services sector, and includes measures to: Increase the supply of sustainable financing through regulatory support and incentives, targeted loans and guarantee schemes, green lending models, green bonds, and a green index.

The Inquiry has worked with the International Finance Corporation (IFC) and the Asia Responsible Investors Association (AsRIA) in developing its report on Indonesia's approach and potential for developing a sustainable financial system. The report was launched in an event hosted in Jakarta by the financial services authority Otoritas Jasa Keuangan (OJK).

Kenya is a dynamic emerging economy which serves as a hub for the East and Central African region. However its economic growth is highly natural resource dependent with agriculture and tourism representing nearly half of GDP, making the country highly vulnerable to climate change and other environmental and social impacts. For the financial sector, these risks also present potential investment opportunities. Kenya has a historic opportunity to create a competitive advantage based on an inclusive green growth strategy. It is also home to world renowned fintech innovations, such as MPesa, Mshware and Mkopa that have successfully demonstrated how the private sector, with support from an engaged and pragmatic regulator, can profitably provide solutions to pressing societal needs. Investment in the green and inclusive economy is at an early stage for banks, pension and insurance funds in Kenya, but with pockets of innovation and leadership, asset diversification and product innovation.

The Inquiry worked with the International Financial Corporation to develop an initial scoping study on green finance in Kenya.