
Reporting framework for the Sustainable Blue Economy Finance Initiative
This framework outlines the reporting requirements for signatories to the Sustainable Blue Economy Finance Principles. It provides guidelines on what to report, how to report, and the annual reporting process. This framework supports transparency and accountability, with a focus on actions, targets, and governance structures aligned with sustainable blue economy principles.
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OVERVIEW
Introduction
This framework establishes the reporting requirements for signatories to the Sustainable Blue Economy (SBE) Finance Principles. Signatories must provide an annual report detailing progress on implementing these principles. The framework is designed to enhance transparency, accountability, and consistency in reporting for financial institutions engaged in sustainable blue finance. Members of the Initiative, while not required to report, are encouraged to update the Secretariat on their progress.
What to report
Signatories are expected to provide detailed reports covering their actions, short- and long-term plans, alignment with global agreements, SBE targets, and governance structures. Each report must outline specific actions taken in the past year to implement the SBE Finance Principles. Reports should highlight both operational and financial activities, such as lending, investing, and insuring. Additionally, signatories should describe their alignment with international agreements like the Paris Agreement and the Sustainable Development Goals (SDG), specifically SDG 14 – Life Below Water. Reports must include measurable targets and key performance indicators (KPIs), providing evidence of year-on-year progress.
Ways to report
The framework advises that reports should be concise, ideally no longer than five pages. Reports must be made publicly available, either as stand-alone documents or part of larger sustainability reports. Financial institutions that have signed related frameworks, such as the Principles for Responsible Banking (PRB) or the Principles for Sustainable Insurance (PSI), can integrate their SBE Finance reporting within those frameworks. Signatories should ensure that all relevant information is easily accessible and clearly labelled within larger reports, and reports should be published in English.
The reporting process
The reporting schedule requires signatories to submit reports annually, with specific timelines depending on when they joined the Initiative. For example, financial institutions that joined before May 2021 were expected to submit their first report by May 2022. Subsequent reports are due annually by the end of May. Signatories that join within six months of the May deadline may opt to report the following year. Reminders are sent three months before the deadline, and signatories are encouraged to notify the Secretariat if delays are anticipated. The process includes opportunities for the Secretariat to review drafts and request amendments if needed.
Failure to report
Failure to submit a report within three months of the deadline may result in the signatory being marked as inactive. If the report is not received within six months, and no valid reason is provided, the signatory may be delisted, losing access to Initiative resources and the community. To support timely reporting, the Secretariat engages with signatories whose reports are overdue, providing reminders and guidance. If extenuating circumstances prevent reporting, an extension may be granted.