The focus on climate and environmental risk by central banks globally is accelerating, with the release of a comprehensive report at the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) conference in Paris overnight.
"The report targets an issue of extreme importance," says Toby Fiennes, Reserve Bank Head of Financial System Policy and Analysis.
"The Reserve Bank is strongly committed to the work of the NGFS. It is a vital initiative which brings together central banks and supervisors to focus on climate and environmental risk. It means that we learn from the challenges faced by other central banks and share our responses. It supports our strategy to facilitate, where possible, a smooth transition to a low carbon economy, while ensuring our financial systems remain sound and efficient."
The NGFS is a network of 34 central banks and financial supervisors focused on accelerating work on climate and environmental financial risk and scaling up green finance. The Reserve Bank joined the NGFS in December 2018.
