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Het Network of Central Banks and Supervisors for Greening the Financial System (NGFS) is an international and fast-growing international network of central banks and supervisors. Together, we are greening the financial system.

The aim 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.

Afbeelding met het logo van NGFS

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, Sweden and the United Kingdom. More than 80 central banks, supervisors and other competent authorities have joined the NGFS since its inception in December 2017. The NGFS is chaired by Frank Elderson, Executive Director of De Nederlandsche Bank. The Secretariat is provided by Banque de France.

NGFS Participants

New NGFS members hail from Australia, Brazil, Canada, Costa Rica, Denmark, Dubai, 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 which other countries and organisations participate in the NGFS.


Climate change brings risks to the financial sector that are new and difficult to analyse. “However, it is important to take action now,” says Frank Elderson, DNB Executive Director and chair of the NGFS. “As long as global temperature and sea levels keep rising – and with them 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.”

Guides and guidance

In April 2019, the NGFS published the report ‘A Call for Action’ with six concrete recommendations to include climate and environmental risks in the work of central banks and supervisors. The NGFS has given further substance to this with the publication of technical documents. See for example:

  • guide with an overview of the practices of central banks worldwide that anchor the principles of sustainable and responsible investment in their reserve management
  • guide to best practices by international supervisors that include climate and environmental risks in supervisory policies and practice
  • Guidance for carrying out more forward-looking scenario analyses for climate risk assessments

Next steps

Further elaboration of the right methods and techniques to establish, quantify and reduce climate-related risks in the financial system is urgently needed. The NGFS will continue to focus on the exchange of knowledge and experience between central banks, supervisors, and other relevant stakeholders. Specific areas of focus for the NGFS in the coming period are:

  • further identification of specific data needs for climate risk analysis
  • further elaboration of scenario analyses for climate risk assessments

For more information, please visit the NGFS website.