On July 03, 2020, Asian Development Bank (ADB), a regional development bank, has joined the Paris (France)-based Network for Greening the Financial System (NGFS) as an observer.
- The NGFS is a global forum that brings together central banks and supervisors committed to understanding and managing the financial risks and opportunities associated with climate change.
How the ADB will support NGFS?
ADB’s approaches & experience in addressing climate risk management in the financial sector will help in implementing climate finance targets and its expertise in providing assistance to support the transition of emerging Asian countries into sustainable economies.
ADB as an observer:
- ADB now joins the ranks of the World Bank (WB), the International Finance Corporation (IFC), the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD) as NGFS observers.
- Following the joining of ADB, NGFS now includes 66-member institutions and 13 observers that participate in 3 various work related to reducing climate risks, including supervision, macro-financial issues, and mainstreaming green finance.
- ADB’s inclusion to the NGFS is aligned with the goals in its corporate strategy, the Strategy 2030, particularly in tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; fostering regional cooperation and integration; and strengthening governance and institutional capacity.
About the NGFS:
At the Paris “One Planet Summit” on 12 December 2017, 8 central banks and supervisors established a NGFS to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilize mainstream finance to support the transition toward a sustainable economy.
The NGFS is chaired by Frank Elderson, board member of De Nederlandsche Bank. The Secretariat is provided by Banque de France.
About Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
President– Masatsugu Asakawa
Membership– 68 countries