The Sustainable Banking and Finance Network (SBFN), facilitated by IFC, released its 2025 Global Progress Report, outlining continued expansion in sustainable finance activity and regulatory development across 72 emerging markets and developing economies. SBFN members have collectively issued USD 790.5 billion in thematic bonds, representing 94 percent of all emerging-market issuance. Since the previous report in 2023, members introduced 145 new sustainable finance frameworks, strengthening ESG approaches including climate and nature-related risk management and supporting sustainable finance opportunities, alongside further alignment of policies and guidance with international standards and best practices. The report also identifies key constraints, including the need to scale up adaptation finance, strengthen financial institutions’ capabilities, and improve the availability and quality of reliable, comparable data. The 2025 data collection was conducted through a new Data Portal designed to track sustainable finance information across banking, securities, pensions, and insurance.