The Network for Greening the Financial System (NGFS) set out its work priorities for 2022-2024 and added nine members and two observers to the Network.
The nine new members to join the network are the Central Bank of Kenya, the Central Bank of Lebanon, the Central Bank of Egypt, the Central Bank of Mauritania, the Central Bank of Nigeria, the Cayman Islands Monetary Authority, the Federal Housing Finance Agency (U.S.), the Federal Deposit Insurance Corporation (U.S.), and the Federal Insurance Office (U.S.). Meanwhile, the Latin American Reserves Fund (FLAR) and the European Stability Mechanism joined the network as observers. Additionally, as part of its work priorities, NGFS will step up its work on:
- supervisory practices with respect to managing climate-related risks, under the Workstream on Supervision—Chaired by Mr Jamey Hubbs from the Office of the Superintendent of Financial Institutions of Canada
- design and analysis of climate scenarios, under the Workstream on Scenario Design and Analysis—Chaired by Ms Cornelia Holthausen from the European Central Bank
- implications of climate change for monetary policy, under the Workstream on Monetary Policy—Chaired by Mr James Talbot from the Bank of England
- guidance for central banks on transition to net zero, under the Workstream on Net Zero for Central Banks—Chaired by Mr Paolo Angelini from the Banca d’Italia and Ms Simone Robbers from the Reserve Bank of New Zealand
- nature-related financial risks, under the Task force on Nature-related Risks—Chaired by Ms Sylvie Goulard from the Banque de France and Ms Saskia de Vries from the De Nederlandsche Bank
- capacity building for its membership, under the Task force on Capacity Building and Training—Chaired by Ms Madelena Mohamed from the Bank Negara Malaysia and Mr Jeffery Yong from the Bank for International Settlements
Related Link: Press Release
Keywords: International, Banking, Work Program, ESG, Climate Change Risk, Scenario Analysis, Sustainable Finance, NGFS, Nature-Related Risks, Stress Testing, Net Zero Transition, Subheadline
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