VIDEO

NGFS - Why climate change is relevant for central banks and supervisors

Recommendations presented by NGFS

The Network for Greening the Financial System collectively acknowledges that climate-related risks are a source of financial risk. Some members have extended this analysis to broader environmental risks finding that these are a source of financial risk as well. The members of the NGFS therefore call for collective action and have issued recommendations which have today been published in its first comprehensive report. Taken together, these recommendations (see annex on page 2) reflect the best practices identified by NGFS members to facilitate the role of the financial sector in achieving the objectives of the Paris agreement.

Frank Elderson, chairman of the NGFS: “The financial risks we face through climate change are analytically difficult, unprecedented and yet very urgent. By issuing these recommendations, the NGFS members demonstrate collective leadership which will result in action to foster a greener financial system across countries and continents. As long as the temperatures and sea levels continue to rise and with them the climate-related financial risks, central banks, supervisors and financial institutions will continue to raise the bar to address these risks and to green the financial system.”

 

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