The Sustainable Banking and Finance Network (SBFN), facilitated by the International Finance Corporation, published its 2025 Global Progress Report, describing rapid advances in sustainable finance across 72 emerging markets and developing economies and continued expansion of the global sustainable finance market despite ongoing challenges. SBFN members have collectively issued USD 790.5 billion in thematic bonds, representing 94 percent of all emerging-market issuance. Since the 2023 report, members introduced 145 new sustainable finance frameworks aimed at strengthening environmental, social and governance practices, including climate and nature-related risk management, and at encouraging sustainable finance opportunities, alongside greater alignment of policies and guidance with international standards and best practices. The report also flags key constraints, including the need to scale adaptation finance, build financial institution capabilities, and improve the availability and quality of reliable, comparable data; it notes that the 2025 data collection was conducted via a new Data Portal designed to track sustainable finance information across banking, securities, pensions and insurance.