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Financial System Benchmark development

World Benchmarking Alliance

Context

A well-functioning global economy will be instrumental in achieving the SDGs. Although the world economy is highly decentralised and operates among millions of enterprises all over the world, financial resources are concentrated and managed by a much smaller number of financial intermediaries. This makes financial institutions key decision makers in the allocation and stewardship of resources, affording them a distinct role in the global economy in support of the 2030 Agenda.

Scope of Work

The World Benchmarking Alliance (WBA) will benchmark 400 leading financial institutions on their contribution to the 2030 Agenda. During 2020, global consultations will be conducted to map existing behaviours and assess the practical action possible. A methodology will be published by end 2021, with a baseline Financial System benchmark produced by end 2022. The Financial System benchmark intends to rapidly scale systems influence by identifying the actions that financial institutions can take, individually and collectively, to tackle the financial system itself – as well as provide an evidence base to enable civil society, regulators and policy makers to challenge or reward financial institutions for their actions in improving their impact on people, workers, communities and the environment.

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