A new NGFS workstream being created will identify missing data items needed for effective climate-related and environmental risk analysis.
The NGFS (Network of Central Banks and Supervisors for Greening the Financial System) has published its 2020-2022 work programme and a new charter, signifying governance changes.
Over the next two years, the NGFS plans to continue its work on supervision, climate scenario analysis and scaling up green finance. In particular, it has decided to create two new workstreams.
The first new workstream will seek to address the lack of data, which has been identified as a crucial element for effective climate-related and environmental risk analysis. The workstream will identify missing data items needed for other NGFS workstreams, determine its availability, and call for external stakeholders to bridge the gaps. The workstream will be co-chaired by IMF (International Monetary Fund) deputy director Fabio Natalucci and ECB (European Central Bank) director general Patrick Amis.
Another new workstream being created will seek to identify NGFS research topics and ensure smooth coordination of research efforts. The workstream will be chaired by PBOC (People’s Bank of China) policy advisor Ma Jun.
The three other workstreams still ongoing are:
- Workstream on microprudential and supervision, chaired by MAS (Monetary Authority of Singapore) executive director Zeng Yi Wong
- Workstream on macrofinancial, chaired by BOE (Bank of England) executive director Sarah Breeden
- Workstream on scaling up green finance, chaired by Deutsche Bundesbank executive board member Sabine Mauderer
The NGFS has also published its new charter, the outcome of a periodic review to ensure the adequacy of its governance framework.
“This new charter will provide the NGFS with solid governance for the years to come,” the NGFS said in a statement. “An important result of this review is the extension of the Steering Committee, the executive body of the NGFS, to include the European Central Bank.”
De Nederlandsche Bank executive board member Frank Elderson has been reelected as NGFS chair for an additional two years.
The BSP (Bangko Sentral ng Pilipinas), Bank of Mauritius and Isle of Man Financial Services Authority have joined the NGFS over the last two months.
The NGFS plans to publish documents on environmental risk assessments by financial institutions in the coming weeks.
Separately, an update of the Guide for Sustainable Responsible Investments for Central Banks will be published by end-2020.