IMF joined the Paris-based Network for Greening the Financial System (NGFS) as an observer. The NGFS is a worldwide forum that brings together central banks and supervisors committed to understanding and managing the financial risks and opportunities associated with climate change. NGFS now includes 46-member institutions and nine observers that participate in three different work streams related to mitigating climate risks, including supervision, macro-financial issues, and mainstreaming green finance.
The NGFS was launched in December 2017 during the One Planet Summit in Paris. Tobias Adrian, the Financial Counselor and the Director of the Monetary and Capital Markets Department, IMF, said, "IMF is pleased to join the NGFS as an observer. This will allow us to contribute our institutional knowledge about the capabilities of central banks, financial supervision, and capital markets to help policymakers make far-sighted decisions that will help ‘green’ the financial system."
Keywords: International, Banking, France, NGFS, ESG, Climate Change Risks, Sustainable Finance, IMF
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