The aim of WBA’s financial system transformation is to ensure that the financial system contributes to a more sustainable allocation of resources, and a more accurate representation of risks and opportunities, in line with planetary boundaries and societal conventions. The Financial System Benchmark will assess and rank the 400 most influential financial institutions on their contribution to global goals, such as the SDGS and the Paris Agreement. As such, it will identify behaviours and actions that the financial institutions can take to contribute to sustainability and act as a global accountability mechanism.
The methodology outlines the key topics that we will measure in order to assess the 400 globally most influential financial institutions on their readiness for the sustainability transformation ahead.
Following extensive global consultation, including the publication of the scoping report in January 2021 and the review and incorporation of existing standards and frameworks, this report presents the indicators and our approach to scoring and weighting of the measurement areas.Read Methodology
The benchmark will assess 400 leading financial institutions on their contribution to the 2030 Agenda. During 2020, global consultations were conducted to map existing behaviours and assess the practical action possible. In December 2021 we published the methodology, incorporating the feedback received. Data collection, verification, and analysis of the 400 financial institutions in scope will take place in 2022, with the launch of the first benchmark due in Q4 of 2022.
Data collection and verification
Baseline benchmark publication
Expert Review Committee
The Financial System Benchmark is developed in close collaboration with an Expert Review Committee (ERC), whose members support the core team with their expertise and experience.
Legal Expert & Financial Sector Lead, Responsible Business Conduct Centre, OECD
Programme Leader, UN Environment Programme’s Principles for Sustainable Insurance Initiative
Positive Impact Finance, Programme Lead, UN Environment Programme’s Finance Initiative
Global Director of Systems Change Programmes, Forum for the Future
Author, Advisor, Lecturer, Yale University and Brown University
Dr Adriana Kocornik
Senior Manager of Metrics and Research, Global Alliance for Banking on Values
Dr Freshia Mugo-Waweru
Board of Directors, Capital Markets Authority Board Kenya; Senior Lecturer, Strathmore University Business School
Director, Reporting & Assessment, Principles for Responsible Investment (PRI)
Engagement Partner, Ernst & Young
Senior ESG Advisor, Truvalue Labs, a Factset company and Professor Emeritus, School of Business and Economics, Saint Mary’s College of California
Co-Founder and Head Climate Assessment & Monitoring
As we build our work, we continue to engage with stakeholders across the globe through targeted communications with key organisations and representatives. We also encourage meaningful and constructive feedback.