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    NGFS Publishes Glasgow Declaration on Occasion of COP26

    November 03, 2021

    The Network for Greening the Financial System (NGFS) released its Glasgow Declaration on the occasion of the 2021 United Nations Climate Change Conference (COP26), in which NGFS members reiterate their willingness to contribute to the global response required to meet the objectives of the Paris Agreement. To that end, the members will deepen, expand, and strengthen their collective efforts toward greening the financial system, to improve the resilience of the financial system to climate-related and environmental risks and to encourage the scaling up of the financing flows needed to support the transition towards a sustainable economy. The NGFS Glasgow Declaration sets out several concrete commitments on what the NGFS will work on and deliver in the coming years, covering all the core activities of the central banks and supervisors community.

    In the coming years, NGFS plans to:

    • further enhance and enrich its climate scenarios.
    • deepen its analysis on integrating climate change considerations into monetary policy strategies and frameworks, in the context of the mandates of its members.
    • intensify the work to bridge the data gaps that currently hinder the identification, management, and mitigation of climate-related risks.
    • supplement the set of NGFS practical guides with guidelines on TCFD-aligned [the Task Force on Climate-Related Financial Disclosures] reporting for central banks.
    • facilitate uplift in supervisory capabilities and the global consistency of supervisory practices.
    • step up its efforts on capacity building, with a focus on members from emerging and developing economies, to support members’ progress in addressing climate-related and environmental risks and in implementing the NGFS recommendations.
    • keep exploring emerging topics, such as the impact of the loss of biodiversity or the risks associated with climate-related litigation, and work toward addressing them, in the context of the mandates of its members.
    • continue to cooperate with standard-setters, other policy makers, the financial sector, academia, and other relevant stakeholders to keep on distilling best practices, identifying challenges and solutions, and avoiding duplication of work.

    Several NGFS member have issued statements in support of the NGFS Glasgow Declaration. These members include the European Banking Authority (EBA), the Bank of Mauritius (BoM), the Central Bank of Ireland, the Federal Reserve Board (FED), the Financial Services Authority of Indonesia (OJK), the Hong Kong Monetary Authority (HKMA), the National Bank of Belgium (NBB), and the Office of the Comptroller of the Currency (OCC). Also, many NGFS members are taking the opportunity of the COP26 to publish an individual pledge or strategy, while others have recently released documents detailing their domestic agenda, or plan to do so soon. NGFS has also published a joint COP26 statement from the Co-Chairs of the Coalition of Finance Ministers for Climate Action (the Coalition) and the Chair of NGFS. 

     

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    Keywords: International, Banking, Securities, Climate Change Risk, ESG, Sustainable Finance, Green Finance, Paris Agreement, Disclosures, TCFD, NGFS

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