Advancements in sustainability reporting led by the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS)
In its role as the regulator of Peru’s financial, private pension and insurance systems, the SBS carried out an assessment in 2025 of the current state of disclosure practices regarding sustainability and climate change. It serves as an input for an important milestone SBS has outlined in its roadmap ‘Climate Change and Sustainable Finance: The SBS Vision’: the development of sustainability disclosure requirements and corresponding manuals for its supervised entities. The assessment was supported by GIZ within the framework of the EU Sustainable Finance Advisory Hub, a Global Gateway Initiative.
71 institutions participated in the survey, allowing the collection of representative data from a broad and diverse sample. Banks, municipal savings and credit cooperatives (CMACs), rural savings and credit funds, lending companies, public institutions, microfinance institutions, insurance companies, and pension funds (Administradoras de fondos de pensiones, AFP) participated. The assessment covered general information, current disclosure practices, and progress in relation to best practices, structured by governance, strategy, risk management, metrics and objectives, and sustainable finance.
The results of the assessment were shared with representatives of the financial sector in Lima, Peru in October 2025.
The study found that the maturity of practices varies widely among institutions. Pension funds have led the way in adopting international frameworks such as TCFD, but do not yet link metrics to targets nor offer green products. Insurers have made progress, but face challenges in integrating climate risk into their technical and underwriting models. Large banks stand out for their institutionalization of ESG governance, use of metrics, and green product offering, while small- and medium-sized institutions face implementation gaps. CMACs have made significant progress on green bonds and loans alongside partial ESG integration, while comprehensive target-setting and performance monitoring remain largely underdeveloped.
A significant proportion of supervised entities already include sustainability-related information in their annual reports. However, a lack of standardization in reporting frameworks limits comparability of data. This presents an opportunity for SBS in its efforts to promote comparable sustainability disclosures.
Additional findings of the study include:
- AFPs use the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) to guide the preparation of ESG reports. Among insurance companies, 67% use GRI. Across the financial sector, GRI is the most widely used framework (60%), followed by SASB (32%).
- 75% of AFPs have adopted environmental policies, followed by the financial sector (52%) and the insurance sector (41%).
- 75% of AFPs disclose information relating to environmental risks, opportunities or impacts, followed by the insurance sector (59%) and the financial sector (38%).
- 24% of insurance companies identify, analyse, prioritise, and monitor risks related to sustainability and/or climate.
Despite the complexities of fragmented sustainability practices, capacity limitations, and data management challenges, SBS is decisively leading the way to develop sustainability disclosure requirements. GIZ is accompanying SBS in this process, including through peer exchanges with supervisory entities from Brazil, Mexico, Chile, and the European Union, capacity building, and technical support.
This work is supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union, as part of the EU Sustainable Finance Advisory Hub and implemented by GIZ.
