At the Annual Meeting in Bali, the World Bank Group in partnership with the NGFS organized a high level panel discussion on the role of regulators and central banks for scaling up green finance.
Panelist strongly encouraged the shared agenda of the World Bank Group and the NGFS in developing the right policy framework supporting sustainable practices in finance to accelerate the adaptation and mitigation efforts required by climate change. The event followed the publication of the NGFS Progress Report (https://www.banque-france.fr/en/financial-stability/international-role/network-greening-financial-system/publications), acknowledging that climate-related risks was a source of financial risks. Authorities and financial institutions need to develop new analytical and supervisory approaches to address these challenges, which will inform actionable policy measures. Panelists conveyed a strong sense of urgency, recognizing that the adverse impact of inaction becomes increasingly costly. Policies that foster greater disclosure and enhanced reporting (aligned with FSB TCFD recommendations) will help price externalities and reward long-term benefits—and would do so more quickly and efficiently if climate actions are credible. This will be the basis for developing a common taxonomy, closing data gaps, and designing prudential measures supporting the transformative process towards green finance. The event was preceded by the first NGFS Plenary Meeting.
The video of the high level panel discussion is available at: https://youtu.be/RC7ZxRTBNOw.
The Programme of the High Level Event is available here
NGFS High Level Event and Plenary Meeting, 11 October, 2018, Bali
Updated on: 11/06/2018 14:56