Network for Greening the Financial System

The Network for Greening the Financial System (NGFS) is a network of 114 central banks and financial supervisors that aims to accelerate the scaling up of green finance and develop recommendations for central banks' role for climate change. The NGFS was created in 2017 and its secretariat is hosted by the Banque de France. Its current chair is Ravi Menon, Managing Director of the Monetary Authority of Singapore. The NGFS has been awarded best green initiative of the year 2020 by Centralbanking.com. According to its charter, the purpose of the NGFS is "to define, promote and contribute to the development of best practices to be implemented within and outside of the Membership of the NGFS and to conduct or commission analytical work on green finance." The NGFS was announced at the Paris “One Planet Summit” in December 2017. The network was launched by 8 founding central banks, under the leadership of Banque de France's governor François Villeroy de Galhau, the Dutch Central Bank's Frank Elderson and the Bank of England's former governor Mark Carney. Work and activities The NGFS organises events and research on climate change.