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Saturday, July 4, 2020

ADB joins Network for Greening the Financial System

Business Desk :
The Asian Development Bank (ADB) on June 23 joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer. The NGFS was launched at the Paris One Planet Summit on December 12, 2017.
It is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition toward a sustainable economy, reads a press release.
"NGFS is a valuable network to share ADB's approaches and experience in addressing climate risk management in the financial sector," said ADB Chief Economist Yasuyuki Sawada.
He added that ADB looks forward to learning from and contributing to the network as they continue the pursuit of a more green and sustainable future.
NGFS Chair Frank Elderson said, "ADB's operational experience in implementing climate finance targets, as well as its expertise in mobilising innovative finance to support the transition of emerging Asian countries into sustainable economies, will be of great value in supporting the work of NGFS."