Blog: RBI Joins Network for Greening the Financial System – Regulation Asia

The RBI expects to benefit from the membership of NGFS by learning from and contributing to global efforts on green finance.

The RBI (Reserve Bank of India) has become a member of the NGFS (Central Banks and Supervisors Network for Greening the Financial System).

Launched at the Paris One Planet Summit on 12 December 2017, the NGFS is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition towards a sustainable economy.

The RBI expects to benefit from the membership of NGFS by learning from and contributing to global efforts on green finance.

The NGFS now has 90 members and 13 observers.

Earlier this month, the NGFS announced the launch of a study group on ‘Biodiversity and Financial Stability’, which will conduct a research programme to establish an evidence-based approach to how central banks and supervisory authorities could fulfil their mandates in the context of biodiversity loss, with a focus on land-use and deforestation.

> ALSO READ: Material ESG Risks Integral to Fiduciary Duty – NGFS (1 Apr 2021)

In March, it published a report outlining nine options for central banks to factor climate-related risks into their monetary operations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s