The Central Banks and Supervisors Network for Greening the Financial System (NGFS) is a group of Central Banks and Supervisors willing, on a voluntary basis, to exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector, and to mobilize mainstream finance to support the transition toward a sustainable economy. Its purpose is to define and promote best practices to be implemented within and outside of the Membership of the NGFS and to conduct or commission analytical work on green finance.
In January 2018, Network held its inaugural meeting and appointed Mr Frank Elderson, member of the Governing Board of De Nederlandsche Bank as Chair of the Network. Banque de France serves as the Secretariat of the Network.
In order to achieve its work program, the NGFS has structured its work into three dedicated workstreams: Supervision (WS1- chaired by Ma Jun from the People’s Bank of China), Macrofinancial (WS2- chaired by Sarah Breeden from the Bank of England) and Mainstreaming green finance (WS3- chaired by Joachim Wuermeling from the Deutsche Bundesbank).
As of March 19th 2019, the NGFS consists of the following members: Banca d’Italia, Banco de España, Banco de México, Banco de Portugal, Bank Al Maghrib, Bank of Canada, Bank of England, Bank of Finland, Bank of Greece, Bank Negara Malaysia (Central Bank of Malaysia), Bank of Thailand, Banque centrale du Luxembourg, Banque de France / Autorité de Contrôle Prudentiel et de Résolution (ACPR), Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Central Bank of Hungary, Central Bank of Ireland, Danmarks Nationalbank, De Nederlandsche Bank, Deutsche Bundesbank, European Banking Authority, European Central Bank, European Insurance and Occupational Pensions Authority (EIOPA), Finansinspektionen (Swedish FSA), Finanstilsynet (Norwegian FSA), Japan FSA, Monetary Authority of Singapore, National Bank of Belgium, Norges Bank, Oesterreichische Nationalbank, People’s Bank of China, Reserve Bank of Australia, Reserve Bank of New Zealand, Sveriges Riksbank and Superintendencia Financiera De Colombia.”
Several institutions have joined the NGFS as observers: the Bank for International Settlement, the European Bank for Reconstruction and Development, the Organisation for Economic Cooperation and Development, the Sustainable Insurance Forum, the World Bank and the International Finance Corporation.
Adhering to the NGFS reflects a political commitment from an institution and also implies the will and capacity to actively contribute to the work. For that reason, any supervisory authority or central bank committed to actively contribute to the objectives and work of the NGFS is eligible to be a NGFS member, as provided by article 2 of the NGFS Charter (see “Governance”). The NGFS Membership aims to achieve a diverse representation of institutions in terms of geographic areas as well as between developed and emerging countries.
International or regional financial institutions and international or regional standard setting, regulatory, supervisory and central bank bodies which have demonstrated a proven commitment in sustainable finance are eligible to be NGFS observers (art. 5 of the Charter).
Eligible institutions apply for joining the NGFS in compliance with the following procedure under article 3 of the Charter:
Updated on: 03/19/2019 12:14