Legal & Regulatory News

Network for Greening the Financial System publishes its Glasgow Declaration

On 3 November 2021, the Network for Greening the Financial System (NGFS) published its 'Glasgow Declaration' (the Glasgow Declaration), reiterating its willingness to contribute to the global response required to meet the objectives of the Paris Agreement. The Glasgow Declaration outlines the NGFS's plans to improve the resilience of the financial system to climate-related and environmental risks, and to encourage the scaling up of the financing flows needed to support the transition towards a sustainable economy.

The NGFS plans to, amongst other things:

• enrich its climate scenarios whilst supplementing its guidelines on the Task Force on Climate-related Financial Disclosures for central banks;
• deepen its analysis on integrating climate change considerations into monetary policy strategies and frameworks;
• intensify the work being done to bridge data gaps that hinder the mitigation of climate-related risks; and
• facilitate the uplift in supervisory capabilities and the global consistency of supervisory practices.

Click here to access the NGFS's Glasgow Declaration.