The Bank of Russia has joined the Central Banks and Supervisors Network for Greening the Financial System
The Bank of Russia has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS). This will contribute to the improvement of the assessment of climate risks, widening the range of tools for a sustainable development and responsible investment based on the best international practices.
The Bank of Russia has given increased attention to the climate risks: as noted in the Financial Stability Review for Q2-Q3 2019, climate risks may have a significant impact on financial institutions’ activities and financial stability in general.
NGFS is a group of central banks, supervisors and standard setting bodies, willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilize finance to support the transition toward a sustainable economy.
NGFS was established at the Paris “One Planet Summit” in 12 December 2017 upon an initiative of the Bank of France. Initially, NGFS was comprised of eight members; today the NGFS consists of 54 central banks and supervisors and 12 international organisations (a full list of members is available at NGFS website), which together supervise over 2/3 of global systemically important banks and insurers.