Regulatory Alerts2022-08-04 | 93/04Regulation on Loan Classification and Reporting according to the Sustainable Finance Taxonomy
The National Bank of Georgia issued Order No. 93/04 to approve a regulation establishing a loan classification system based on the Sustainable Finance Taxonomy for commercial banks operating in Georgia. The regulation mandates that banks classify loans as green, social, or sustainable only if they exclusively finance activities meeting specific technical criteria defined in the attached taxonomies. Commercial banks are required to submit monthly reports on green loans to the regulator and must adhere to these classification standards in their ESG disclosures, with full enforcement beginning in January 2023.
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