The Asian Development Bank (ADB) joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer on June 23.
NGFS, launched at the Paris One Planet Summit on 12 December 2017, 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 toward a sustainable economy, reports BSS citing an ADB press release.
“NGFS is a valuable network to share ADB’s approaches and experience in addressing climate risk management in the financial sector,” said ADB Chief Economist Yasuyuki Sawada.
“We look forward to learning from and contributing to the network as we continue our pursuit of a more green and sustainable future,” added Sawada.
“ADB’s operational experience in implementing climate finance targets as well as its expertise in mobilising innovative finance to support the transition of emerging Asian countries into sustainable economies will be of great value in supporting the work of NGFS,” said NGFS Chair Frank Elderson.
ADB joins the ranks of the World Bank, the International Finance Corporation, the International Monetary Fund, and the Organisation for Economic Co-operation and Development as NGFS observers.
The release said 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.