Network Greening Financial System

Greening the financial system is the objective DNB and the other NGFS members have set themselves. The NGFS is a new and fast-growing network of central banks and supervisors.


The Network of Central Banks and Supervisors for Greening the Financial System is a collaborative structure that aims to green the financial system and strengthen the efforts of the financial sector in achieving the Paris climate agreement goals. This for example includes mobilising capital for green and low-carbon investments. The NGFS also identifies what measures are needed to manage climate risks.


International network

DNB is one of the founding members of the NGFS. Other pioneers include the central banks and supervisors from China, Germany, France, Mexico, Singapore, the United Kingdom and Sweden. Since its inception in December 2017, the NGFS has attracted an increasing number of countries and organisations. Recent new participants are from Abu Dhabi, Australia, Austria, Belgium, Canada, Colombia, Costa Rica, Denmark, Dubai, Finland, Greece, Guernsey, Hong Kong, Hungary, Ireland, Italy, Japan, Luxembourg, Malaysia, Malta, Morocco, New Zealand, Norway, Portugal, South Africa, Spain, Switzerland and Thailand. Also, BIS, BCBS, ECB, EBA, EBRD, EIB, EIOPA, IAIS, IMF, OECD, SIF and the World Bank have joined its ranks.


Climate change brings risks to the financial sector that are new and difficult to analyse. The time to act is now,” says Frank Elderson, Executive Director of DNB, who chairs the NGFS. “As long as global temperature and sea levels keep rising – and therefore the financial risks of climate change – central banks, supervisors and financial institutions must keep raising the bar to confront these challenges and make the financial system greener.”


In April 2019 the NGFS published its report “A call for action: Climate change as a source of financial risk” with six specific recommendations for greening the global financial system.

Its four recommendations for supervisors and central banks are:

  • Integrating climate-related risks into micro-supervision and financial stability monitoring.
  • Integrating sustainability factors into central bank portfolio management.
  • Bridging the data gaps.
  • Building awareness and intellectual capacity and encouraging technical assistance and knowledge sharing.

Its two recommendations for policymakers are:

  • Achieving robust and internationally consistent climate and environment-related disclosure.
  • Supporting the development of a taxonomy of economic activities.


Further elaboration of the right methods and techniques to establish, quantify and reduce climate-related risks in the financial system is urgently needed. For this reason, the NGFS will in the year ahead publish various technical documents on:

  • climate and environment-related risk management for supervisory authorities and financial institutions
  • scenario-based climate risk analysis
  • integration of sustainability criteria in the portfolio management of central banks. 


The network organises conferences which address the latest sustainability issues for central banks and supervisors. In April 2019 it held a meeting in Paris about the financial risks of climate change. The NGFS presented its report “A call for action: Climate change as a source of financial risk”

Further information

For further information, go to the NGFS website.