In a significant step toward advancing sustainable finance in the Indian Ocean region, the Bank of Mauritius (BoM) has launched a sweeping reform of its financial regulatory framework through the “SUNREF – Cap sur la Finance Durable” programme. Blue Azurite explains how this programme marks a pivotal shift in how Mauritius approaches green finance—moving from isolated efforts to a coordinated strategy that supports responsible investment and long-term environmental resilience.
Introduced in April 2025, this initiative brings together key partners, including the Agence Française de Développement (AFD), the Delegation of the European Union (EU), the Mauritius Bankers Association Limited, and Business Mauritius. This collaborative effort is designed to build a climate-resilient financial system in Mauritius, aligning the country with international sustainability benchmarks and reinforcing the long-term health of its economy.
Strengthening the financial system with climate intelligence
At the core of this initiative lies a fundamental insight: financial stability can no longer be separated from environmental sustainability. In response, the Bank of Mauritius is integrating climate-related risk assessments into its regulatory and macroprudential frameworks.
This forward-looking approach includes the development of models that help financial institutions identify, measure, and manage both physical risks, such as hurricanes, floods, and rising sea levels, and transitional risks, including regulatory changes, shifts in consumer behavior, and evolving market conditions linked to climate policy.
According to the First Deputy Governor Rajeev Hasnah, this effort is a clear signal of the central bank’s determination to embed sustainability deep within monetary policy and financial supervision.
Key objectives and structural overhaul
The SUNREF – Cap sur la Finance Durable programme sets strategic priorities to reshape Mauritius’s financial system around climate resilience and sustainable growth. These pillars reflect a long-term commitment to embedding environmental considerations into the financial sector’s core operations:
Developing climate risk models
The Bank of Mauritius is spearheading the creation of sophisticated models that assess the financial consequences of climate-related events. These tools will enable banks, insurers, and other institutions to evaluate and incorporate both physical and transition risks into their credit, investment, and insurance products. This predictive capability is essential for pricing climate risk accurately and safeguarding financial stability.
Embedding climate risk into regulation
Once tested and validated, these models will be formally integrated into Mauritius’s regulatory framework. This step will make it mandatory for financial institutions to monitor, report, and mitigate climate-related risks. By doing so, the regulatory system will become more future-proof, ensuring institutions are both compliant and resilient in the face of environmental shocks.
Improving access to climate data
A major hurdle in advancing sustainable finance is the lack of reliable, high-quality climate data. The BoM aims to address this by upgrading data infrastructure and improving data availability across the sector. With better access to climate intelligence, financial actors will be better equipped to make sound, informed decisions.
Strengthening the Climate Change Centre
Internally, the Bank of Mauritius is investing in capacity-building by expanding its Climate Change Centre. This hub will serve as a focal point for research, policy development, and technical training. It will support banks and other stakeholders as they adopt green finance practices and respond to evolving Environmental, Social, and Governance (ESG) standards.
Building on a strong foundation
The current programme does not emerge in a vacuum. It builds on more than a decade of experience and progress under the original SUNREF (Sustainable Use of Natural Resources and Energy Finance) initiative, which was launched in Mauritius in 2009. Over the past 15 years, SUNREF has been pivotal in advancing energy efficiency, promoting renewable energy, and supporting climate adaptation projects across the island.
This track record laid a solid foundation for the more ambitious “Cap sur la Finance Durable” phase. What sets this new chapter apart is its expanded scope. It’s no longer just about financing green initiatives. The focus now is systemic: embedding climate awareness and risk management into the financial sector’s core operations, policies, and culture. In this evolution, the goal is clear—transform Mauritius’s financial system into one that is not only green-aware but structurally aligned with the demands of a climate-resilient future.
Regional and global relevance
Mauritius is not navigating this transition alone. Across the globe, financial regulators are coming to a shared conclusion: climate risk is financial risk. Central banks such as the Bank of England, the European Central Bank, and the Monetary Authority of Singapore have already launched major efforts to embed climate risk into their supervisory and regulatory frameworks.
What distinguishes Mauritius, however, is the collaborative and inclusive nature of its approach.
The Bank of Mauritius is not only reforming regulatory structures—it is also investing in institutional capacity and multi-sector alignment. Through its partnership with the Agence Française de Développement (AFD), the programme gains deep technical expertise. Backing from the European Union lends strategic weight and international credibility. Meanwhile, engagement with industry bodies like the Mauritius Bankers Association and Business Mauritius ensures that reforms remain both ambitious and grounded in operational realities.
This public-private model positions Mauritius as a forward-thinking leader among small island economies—one that is shaping sustainable finance through cooperation, innovation, and global alignment.
Bottom line
The “SUNREF – Cap sur la Finance Durable” programme is more than a policy reform—it signals a fundamental shift in how Mauritius envisions the future of finance. By embedding climate risk into the heart of financial regulation, the country is making a bold choice: resilience over complacency, strategic foresight over reactive measures, and sustainable growth over short-term returns.
For the banking sector, this marks both a challenge and a catalyst to innovate, modernize, and become a cornerstone of a greener, more future-ready economy. For investors, it paves the way for a more transparent, accountable, and climate-conscious financial environment. And for the country as a whole, it charts a course toward sustainable prosperity in a world defined by environmental uncertainty.
In this evolving landscape, choosing the right partner is essential. Blue Azurite stands at the intersection of finance, sustainability, and strategic foresight, equipping investors and institutions with the insights needed to thrive in a climate-conscious financial world. Our team of experts brings a unique blend of experience and innovation, serving as a catalyst for financial success across borders. Ready to make your next move? Contact us to learn how we can support your sustainable finance journey.
