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About us

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. The Network brings together the BaFin, the Bank al Maghrib, the Banco de España, the Banco de Mexico, the Bank of England, the Banque de France and the French Autorité de Contrôle Prudentiel et de Résolution (ACPR), De Nederlandsche Bank, the Deutsche Bundesbank, the Swedish Finansinspektionen, the Monetary Authority of Singapore, the Oesterreichische Nationalbank (OeNB) and the People’s Bank of China as well as, as observer the Bank for International Settlements (BIS).

 

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).

 

Charter of the Central Banks and Supervisors Network for Greening System (NGFS)

NGFS current composition

On April 25th 2017, the NGFS consists of the following members: BaFin, the Bank al Maghrib, the Banco de España, the Banco de Mexico, the Bank of England, the Banque de France and the French Autorité de Contrôle Prudentiel et de Résolution (ACPR), De Nederlandsche Bank, the Deutsche Bundesbank, the Swedish Finansinspektionen, the Monetary Authority of Singapore, the Oesterreichische Nationalbank (OeNB) and the People’s Bank of China. The Bank for International Settlements (BIS) is an observer.

Information on application for membership

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:

  • The submission of an official request from the Governor or Head of Supervision for Membership application or board-level official for observers to the NGFS Chair, copy the Secretariat. This request describes the motivations for joining the NGFS as well some examples of proven commitments as set out in article 2 of this Charter and the areas of interest in which the institution specifically wants to contribute.
  • The Secretariat thereafter submits the application request by written procedure or at a physical meeting to the approval by consensus of the NGFS Members’ jurisdictions.
  • Once approved, the new Member will be asked to appoint its representatives in the relevant NGFS Workstreams.

The Secretariat is permanently provided by Banque de France. For further information, please contact us (sec.ngfs@banque-france.fr).

Updated on: 04/25/2018 16:10