Suriname, a carbon-negative country with extensive forests, faces critical climate risks such as sea-level rise, flooding, and extreme weather, threatening its coastal areas, agriculture, and economy. To address these challenges, the country has implemented strategies like the National Adaptation Plan and the National Climate Change Policy to enhance resilience and promote inclusive growth.
The financial sector in Suriname has only begun to integrate these sustainability goals into its operations. While some banks and FIs have taken initial steps towards green financing and environmental, social, and governance (ESG) integration, the sector lacks a standardised framework to guide these efforts, limiting the mobilisation of capital for climate and social initiatives.
Additionally, local FIs often struggle with accessing international climate finance and aligning with best practices in risk management and impact measurement, and the need for sustainable finance protocol becomes even more urgent. The development of green financial products and the integration of ESG principles must go hand-in-hand with addressing the challenges of financial inclusion and digitalisation. Suriname’s FIs have a unique opportunity to align with national climate strategies, enhance their technological capabilities, and develop inclusive products that not only meet sustainability goals but also cater to underserved segments of the population, including women, WSMEs, and youth entrepreneurs.
The purpose of this consultancy is to support the Suriname Bankers Association (SBV) in developing an Inclusive Sustainable Finance Protocol that promotes inclusive and sustainable finance practices within Suriname’s banking sector, in alignment with global best practices. The framework will empower SBV member banks to establish comprehensive sustainability strategies, including but not limited to: setting sustainability targets, integrating ESG factors into financial decision-making, incorporating climate risk assessment and disclosure practices, offering financial products and services focused on sustainability and resilience, and aligning banking operations with international sustainability standards.
The protocol aims to provide a roadmap to guide how Surinamese banks can address the challenges and opportunities of our time — from climate change to financial inclusion. It will enable FIs to identify relevant opportunities for green and inclusive financing within the country, assess climate change and sustainability risks the banking sector faces, explore the financial needs of women and other vulnerable groups, as well as encourage the funding of WSMEs in Suriname.
