The Africa Green Index Suite
To deepen the market and drive institutional progress, we have developed the Africa Green Index Suite, the authoritative benchmark for sustainable finance governance on the continent.
AGBI provides a benchmark for sustainability in the banking industry, tracking banks’ performance on green lending, investment, and operational carbon footprint.
The index assesses how banks across Africa are integrating green and sustainable finance into their strategies, governance, risk management, and core banking activities. Developed by Terranova Ventures, AGBI provides a transparent, data-driven view of institutional readiness and leadership in financing Africa’s climate transition and sustainable development. It serves as an independent reference point for banks, regulators, investors, and development partners seeking credible insight into progress and best practice in green banking.
AGAMI assesses asset managers on their integration of ESG factors, their portfolio of green assets, and their commitment to responsible investment principles.
The index is Africa’s flagship benchmarking framework for evaluating sustainable and green investment practices among asset managers and investment firms. Developed and managed by Terranova Ventures, AGAMI focuses on substance over labels, assessing governance, investment processes, stewardship, and measurable impact. It offers asset owners, policymakers, and market participants a credible lens through which to identify leadership, strengthen standards, and support the growth of sustainable investment across Africa.
Why These Indexes Matter
Africa’s climate transition presents one of the defining economic challenges and opportunities of this century. The continent must simultaneously expand access to energy, infrastructure, housing, food systems, and jobs, while building resilience to climate risks and shifting towards a lower-carbon, more sustainable growth path. Achieving this transition at scale will depend critically on how effectively capital is mobilised, allocated, and managed.
Banks and asset managers sit at the centre of this challenge. Banks influence the flow of credit into the real economy, while asset managers shape how long-term capital is deployed across companies, projects, and markets. Yet progress in green and sustainable finance across Africa has been uneven, difficult to compare, and often obscured by inconsistent standards and limited transparency.
The Africa Green Banking Index (AGBI) and the Africa Green Asset Management Index (AGAMI) address this gap. Together, they provide credible, independent benchmarks that make progress visible, comparable, and actionable. By assessing real practices rather than rhetoric, the indexes help distinguish genuine leadership from aspiration, encourage continuous improvement, and support learning across different markets.
By strengthening transparency and accountability, AGBI and AGAMI support better decision-making by regulators, investors, development partners, and financial institutions themselves. Over time, they aim to raise standards, crowd in climate-aligned capital, and accelerate the financing of Africa’s transition to an inclusive, and sustainable economy.
The Index Methodology Hub: Our Blueprint of Trust
The Africa Green Banking Index (AGBI) and the Africa Green Asset Management Index (AGAMI) are built on a structured, evidence-based assessment framework designed to evaluate how financial institutions are integrating green and sustainable finance into their core activities.
The methodology has been developed by Terranova Ventures to balance international best practice with African market realities, recognising differences in market maturity, data availability, regulatory frameworks, and institutional capacity across the continent.
Both indexes apply a principles-based, multi-dimensional approach, focused on substance, consistency, and verifiable practice rather than declarations or marketing claims.
Assessment Structure
Each index evaluates institutions across a set of core thematic pillars, which may evolve over time in response to market developments and stakeholder feedback. These pillars broadly cover:
- Strategy and Governance
Institutional commitment, leadership oversight, and integration of sustainability into corporate and investment strategies.
- Policies and Frameworks
Existence, scope, and application of green and sustainable finance policies, guidelines, and internal standards. - Implementation and Activity
Evidence of green finance products, portfolios, transactions, or investment strategies being executed in practice.
- Risk Management and Controls
Integration of environmental and climate-related risks into credit, investment, and enterprise risk management processes.
- Transparency and Disclosure
Quality, consistency, and credibility of public disclosures, reporting, and data relating to sustainable finance activities.
AGBI and AGAMI apply distinct sector-specific lenses to reflect the different roles played by banks and asset managers in Africa’s financial system.
Data Sources and Validation
The assessments draw on a combination of:
- Publicly available disclosures and reports;
- Regulatory filings and market data;
- Structured institutional submissions;
- Independent desk research and expert review.
All information used is subject to internal validation and consistency checks. Terranova Ventures reserves the right to exclude or adjust data that cannot be reasonably substantiated.
Scoring and Outputs
While the detailed scoring models, weightings, and algorithms remain proprietary, the indexes are designed to produce:
- Clear and comparable institutional profiles;
- Relative positioning within peer groups;
- Aggregated market-level insights.
The indexes are not investment ratings, credit ratings, or regulatory assessments, and should not be interpreted as such.
Governance
Independence and Integrity
The credibility of AGBI and AGAMI rests on strong governance and institutional independence. Terranova Ventures acts as the index administrator and steward, responsible for methodology oversight, data integrity, and publication standards.
Governance structures are designed to:
- Protect the independence of assessments;
- Manage conflicts of interest;
- Ensure consistency and fairness across institutions and markets.
Oversight Framework
Governance of the indexes is anchored around:
An internal Index Management Committee, responsible for methodological consistency, quality control, and approval of outputs;
External advisory input, drawn from senior professionals in banking, asset management, academia, and sustainable finance, providing non-binding guidance on market developments and emerging best practices.
Advisory participants do not participate in scoring decisions or influence individual institutional outcomes.
Review and Evolution
The indexes are intended to be living frameworks. Methodologies are periodically reviewed to reflect:
- Changes in market practice;
- Regulatory and policy developments;
- Advances in sustainable finance standards and data availability.
Any material methodological updates are implemented in a controlled manner to preserve comparability over time.
Ethical Standards
Terranova Ventures applies strict ethical standards, including:
- Confidential handling of non-public information;
- Clear separation between advisory, commercial, and index activities;
- Transparency around the purpose and limitations of the indexes.
Partnerships
Collaborative, Not Commercially Captured
AGBI and AGAMI are built through strategic collaboration with a wide range of stakeholders, while remaining independent of any single institution or interest group.
Partnerships are designed to strengthen credibility, relevance, and market acceptance, without compromising methodological independence.
Types of Partners
Key partner categories include:
- Regulators and Market Institutions: Engagement with central banks, securities regulators, exchanges, and market infrastructure institutions to ensure alignment with market realities and policy objectives.
- Professional and Industry Bodies: Collaboration with banking, asset management, and capital market associations to support awareness, learning, and industry dialogue.
- Academic and Research Institutions: Partnerships with universities and research centres to support methodological robustness, thought leadership, and capacity building.
- Development Finance Institutions and Donors
Strategic engagement with DFIs and international partners to support market development, knowledge sharing, and regional expansion.
Review and Evolution
The indexes are intended to be living frameworks. Methodologies are periodically reviewed to reflect:
- Changes in market practice;
- Regulatory and policy developments;
- Advances in sustainable finance standards and data availability.
Any material methodological updates are implemented in a controlled manner to preserve comparability over time.
Nature of Engagement
Partners may contribute through:
- Technical input and market insight;
- Data and research collaboration;
- Co-hosted events, roundtables, and publications;
- Capacity-building and knowledge dissemination.
Partnership does not imply endorsement of individual index outcomes or preferential treatment within the assessment process.
Disclaimer and Terms of Use
The Africa Green Banking Index (AGBI) and the Africa Green Asset Management Index (AGAMI) (together, the “indexes”) are independently developed and managed by Terranova Ventures for informational, analytical, and benchmarking purposes only.
The indexes are not credit ratings, investment ratings, regulatory assessments, supervisory tools, or investment recommendations. They do not constitute financial, investment, legal, regulatory, or professional advice and should not be relied upon as such.
Terranova Ventures does not provide any assurance regarding the future performance, financial soundness, regulatory compliance, or investment merit of any institution assessed or referenced within the indexes.
AGBI and AGAMI are non-regulatory, market-facing benchmarks. They are not produced on behalf of, nor endorsed by, any regulatory authority, supervisory body, or governmental institution unless explicitly stated.
Inclusion in, exclusion from, or positioning within the indexes does not imply:
- Compliance or non-compliance with applicable laws or regulations;
- Approval, authorisation, or endorsement by regulators or policymakers;
- Fitness for investment or suitability for any particular purpose.