Network for Greening the Financial System

Greening the financial system is the objective DNB and the other members of the Network of Central banks and Supervisors for Greening the Financial System (NGFS) have set themselves. The NGFS is a fast-growing international network of central banks and supervisors.

Objectives of the NGFS

The Network 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. For example, it keeps track of the financial sector's efforts to manage climate risks and explores the available options of mobilising capital for green and low-carbon investments.


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. More than 70 central banks, supervisors and other competent authorities have joined the network since its inception in December 2017.

New members

New NGFS members hail from from Abu Dhabi, Australia, Brazil, Canada, Costa Rica, Denmark, Indonesia, Japan, Latvia, Malaysia, New Zealand, Russia, South Africa and South Korea. Several European institutions have also joined, such as the ECB, EBA and EIOPA. International organisations including the IMF, the BCBS, the OECD and the World Bank have joined as observers. See the list of NGFS members.


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” 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. That is why in the first half of 2020, the NGFS will publish technical documents on the following topics:

  • climate and environment-related risk management for supervisory authorities and financial institutions
  • scenario-based climate risk analysis


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. and published its report  “A Call for Action: Climate change as a source of financial risk”. 

Further information

For further information, go to the NGFS website.