FI welcomes the Federal Reserve to the Network for Greening the Financial System (NGFS), which celebrates its third anniversary today.
“The climate issue is one of the key issues of our time. The financial sector plays an important role in managing the risks of climate change and channelling capital to the right investments. The Fed is a central player in the global financial system, and its decision to join the NGFS is warmly received. We look forward to collaborating with them on this important topic,” says Erik Thedéen.
The NGFS is a global network of financial supervisory authorities and central banks that want to contribute to the integration of climate- and environment-related risks into the work of financial firms and authorities. The NGFS has, for example, published two guides: one for supervisors on integrating these risks into prudential supervision and one on climate scenario analysis. The NGFS was founded in 2017 by seven central banks and FI. FI’s Chief Economist Henrik Braconier is a member of the network’s Steering Committee. The NGFS currently has 83 members and 13 observers around the world. A second Swedish authority, Sveriges Riksbank, became a member in 2019.
This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.