NGFS Publishes Glasgow Declaration on Occasion of COP26
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.
Related Links
- NGFS Press Release
- NGFS Glasgow Declaration (PDF)
- FED Statement
- OCC Statement
- EBA Statement
- NBB Statement
- NBB Statement
- Central Bank of Ireland Statement
- BoM Statement
- OJK Statement
- Statement of NGFS Chair and Others (PDF)
Keywords: International, Banking, Securities, Climate Change Risk, ESG, Sustainable Finance, Green Finance, Paris Agreement, Disclosures, TCFD, NGFS
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

Michael Denton, PhD, PE
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
Previous Article
EIOPA Updates Representative Portfolios for Solvency II CalculationsRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.