The Sustainable Finance Working Group (GTFS, by its initials in Spanish) was constituted in 2018 (with 95% of Panama’s financial sector participation) to turn Panama into a sustainable finance center and its mission is to ensure that the financial system supports achieving an inclusive, resilient and sustainable economy. Therefore, this GCF proposal aims to provide relevant technical assistance, based on the GTFS already established governance structure, roadmap, working plan, activities and committees, for enhancing country’s capacity for: (1) the assessment of climate finance flows (taxonomy) and; (2) the identification, measurement, and disclosure of climate-related financial risks. This will strengthen financial system engagement to: (1) improve the contribution of private finance flows to low-emission and resilient development, and: (2) strengthen financial stability by incorporating climate factors into investment decision making. To flank these two working streams and enable the further climate finance mainstreaming, a GCF concept note will be developed with the aim of mainstreaming climate change in Panama’s financial sector.