NGFS Updates Work Program for 2020-2022, Expands Membership
NGFS updated its work program and announced that during 2020-2022 it plans to continue its work on supervision, climate scenario analysis, and scaling up green finance. NGFS decided to create two new workstreams focusing on addressing data gaps and research. Also announced was the addition of three new members to NGFS over the last two months: the Bangko Sentral ng Pilipinas, the Bank of Mauritius, and the Isle of Man Financial Services Authority.
Lack of data has been identified by NGFS as a crucial element for effective climate-related and environmental risk analysis. To bridge these data gaps, NGFS has set up a new workstream to identify what data is missing and determine whether it can be obtained. This new workstream on “Bridging the Data Gaps” will be co-chaired by Mr. Fabio Natalucci from IMF and Mr. Patrick Amis from the Single Supervisory Mechanism/ECB. The second new workstream will identify NGFS research topics and ensure smooth coordination of research efforts; this will be chaired by Mr. Ma Jun from the Chinese central bank PBC. In the coming weeks, NGFS plans to publish documents on environmental risk assessments by financial institutions. An update of the Guide for Sustainable Responsible Investments for Central Banks is also scheduled to be published before the end of 2020.
In addition, NGFS announced changes to its governance and published a new charter. This document is the outcome of a periodic review to ensure adequacy of the NGFS governance framework in context of its objectives. An important result of this review has been the extension of the Steering Committee, the executive body of NGFS, to include ECB. Moreover, NGFS announced the appointment of new chairs for certain NGFS workstreams and reappointment of Mr. Frank Elderson of DNB as NGFS Chair for two more years.
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Keywords: International, Banking, Work Plan, Governance, ESG, Climate Change Risk, Green Finance, Data Gaps, NGFS
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