The Asian Development Bank (ADB) joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an onlooker on 23 June.
NGFS is a group of central banks and supervisors amenable to share best practices and contribute to the development of environment and climate risk management in the economic sector while mobilizing mainstream finance to promote the transition toward a feasible economy. NGFS was launched at the Paris One Planet Summit on 12 December 2017.
“NGFS is a valuable network to share ADB’s approaches and experience in addressing climate risk management in the financial sector,” stated 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.”
“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,” stated NGFS Chair Frank Elderson.
The Asian Development Bank follows the lines of the World Bank, the International Finance Corporation, the International Monetary Fund, and the Organisation for Economic Co-operation and Development as NGFS observers.
ADB’s inclusion to the NGFS is joined with the objects in its corporate strategy, the Strategy 2030, especially in tackling climate change, creating climate and disaster resilience, and enhancing environmental sustainability; fostering regional cooperation and integration; and strengthening governance and institutional capacity.
The Asian Development Bank is committed to obtaining a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its attempts to exterminate extreme poverty.