On 3 September 2020, the Network for Greening the Financial System (NGFS) announced its 2020 – 2022 work program that will include continuing its work on climate scenario analysis and scaling up green finance. The NGFS will also create two new work streams focussing on addressing data gaps and research.
The NGFS, launched at the Paris One Planet Summit on 12 December 2017, is a group of central banks and supervisors, which on a voluntary basis are willing 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.
Three new members have joined the NGFS over the last two months: Bangko Sentral ng Pilipinas, Bank of Mauritius and Isle of Man Financial Services Authority. In the coming weeks, the NGFS plans to publish documents on environmental risk assessments by financial institutions. An update of the Guide for Sustainable Responsible Investments for Central Banks is scheduled to be published before the end of 2020.