Interest in sustainable business models is moving into the mainstream among banks, according to the International Finance Corporation, the private sector arm of the World Bank.

More than 100 banks from 51 countries have entered the 2007 FT Sustainable Banking Awards, created by the IFC and the Financial Times – more than double last year's total.

The interest in banking sustainability outside the developed economies is shown by the involvement of China, Russia, Pakistan and Uganda among almost 50 entries from emerging markets.

The 28 shortlisted entries published yesterday include Citigroup, HSBC, Deutsche Bank, Goldman Sachs and JP Morgan. Barclays and ABN Amro, negotiating an Anglo-Dutch merger, are shortlisted separately – as are two emerging markets subsidiaries of the Netherlands-based group.

Smaller institutions include DFCU of Uganda, Bank Sarasin, the Swiss private bank, Industrial Bank of China and Center-Invest Bank from Russia.

Lars Thunell, head of the IFC, said: “The number of entries and the quality of the shortlist show that more and more banks see the benefits of integrating sustainability into their business.”

The awards recognise the progress banks are making in integrating social, environmental and corporate objectives into their operations while maximising shareholder value.

The sector of sustainable finance selected for recognition this year is for achievement in carbon finance. The shortlist includes a private equity fund that has raised almost �00m ($267m) to capture methane from landfill sites in developing countries, a bank that financed the largest greenhouse gas reduction project in Africa and the creators of the JP Morgan Environmental Index-Carbon Beta corporate bond index.

Last year, the award for Sustainable Bank of the Year went to HSBC, while Banco ABN Amro Real of Brazil took the emerging markets title. The team at WestLB was named Sustainable Bankers of the Year, and Credit Suisse won Sustainable Energy Finance Deal.

Citigroup and its Mexican affiliate Banamex won Sustainable Deal of the Year after placing the first ever peso-denominated investment grade bond for microfinance provider Compartamos, helping finance an expected 60,000 new loans to women micro-entrepreneurs.