Over the past decade, the integration of Environmental, Social and Governance (ESG) principles into financial systems has become a global priority. Central banks and financial regulators worldwide increasingly recognize that ESG factors, such as nature and climate risks, environmental sustainability, social inclusion, and strong governance, are integral to financial stability, long-term resilience, and sustainable economic growth. 

For Kyrgyzstan, the ESG integration is particularly important. The country is highly vulnerable to the impacts of climate change, natural disasters, biodiversity loss, and land degradation, which pose growing risks to livelihoods, food security, and economic stability. As a small, open economy, Kyrgyzstan is also sensitive to regional and global market dynamics, investor perceptions, and evolving international standards on sustainable finance. Strong ESG frameworks within key financial institutions such as the National Bank of the Kyrgyz Republic (NBKR) can help mitigate these risks while attracting responsible investment and ensuring alignment with international standards.

Against this backdrop, the NBKR, with technical support from the UNDP in the Kyrgyz Republic, has developed and approved a comprehensive Roadmap for the integration of Environmental, Social, and Governance (ESG) principles into the NBKR’s policies and internal operations.

“This collaboration reflects our shared commitment to embedding sustainability at the core of the financial system,” notes Alexandra Solovieva, UNDP Resident Representative in the Kyrgyz Republic. “UNDP’s support to the National Bank in operationalizing ESG principles is part of our broader support to the Kyrgyz Republic in advancing sustainable finance, environmental resilience, and alignment with the SDGs.”

The NBKR has a dual role: first, to maintain financial and monetary stability through regulation and supervision of the banking and financial sector; and second, to lead by example through its own institutional operations and governance practices

Speaking on the initiative, Zhyldyz Sulaimanbekova, Member of the NBKR Management Board, emphasized: “The ESG integration roadmap provides a clear strategic direction for institutionalizing ESG principles and strengthening the NBKR’s role in promoting sustainable finance. Through this initiative, the NBKR aims to strengthen its institutional role as the central bank that sets benchmarks and direction for the entire financial system of the country”.

The initiative is supported under UNDP’s “Biodiversity Finance Initiative (BIOFIN) and is implemented with financial support of the European Union.