DHAKA, July 3, 2020 (BSS) – 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 mobilizing mainstream
finance to support the transition toward a sustainable economy, said
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 mobilizing 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.