The Network for Greening the Financial System brings together central banks and supervisors, committed to taking due account of the climate risk to global financial stability.

The effects of climate change are having a direct impact on our economies and resulting in risks to the stability of the financial system. The Network for Greening the Financial System brings together committed stakeholders, with central banks and supervisors aiming to step up their work on climate and environmental risk and on scaling up green finance. The work of the NGFS helps strengthen the global response required to meet the objectives of the Paris Agreement, in addition to the work carried out by governments on climate issues. It contributes to reinforcing the role of the financial system in the management of climate risks and to raising capital for green and low-carbon investments.

The NGFS, which was launched by its eight first members at the One Planet Summit in December 2017, now comprises 89 central banks and supervisors, together with 13 observers.

Practical options for central banks to incorporate climate risk in their operations

The latest report published by the NGFS “Adapting central bank operations to a hotter world: Reviewing some options” examines a range of options available to banks in three fields: credit operations, warranty policies and asset purchase.

They can now act on the basis of a framework for action adapted to their remit, their legal environment and their individual assessment.

The work of the network is organized around two main objectives:

  1. Sharing analytical work and innovations, to measure the long-term risk associated with climate change;
  2. Promoting the development of opportunities relating to transition finance.

In 2019, the NGFS published six recommendations to help its members “take the plunge”. Since then, it has produced a range of guides (operational deliverables for its members, based on the Network’s best practices) and technical documentation. Its recommendations are to:

  • Incorporate climate risk in the monitoring of financial stability and in micro-prudential supervision,
  • Incorporate sustainable development factors into own-account investment portfolio management,
  • Bridge data gaps,
  • Raise awareness and reinforce analysis capacity, encourage technical assistance and knowledge sharing,
  • Publish financial data on climate and environmental risk, based on solid and internationally homogeneous criteria, in particular those found in the recommendations of the TCFD (the Taskforce on Climate-Related Financial Disclosures created by the Financial Stability Board)
  • Promote the development of an international taxonomy of economic activity.
of global GDP
The Network’s 89 members represent countries which together represent 85% of global GDP and 75% of greenhouse gas emissions


In 2020, 45% of NGFS members had adopted sustainable and responsible investment practices.

For more information

Starting with a membership of eight founders, the Network has grown rapidly and now welcomes an ever increasing number of members and observers, from all five continents. The current list of members can be found here.

The NGFS charter sets out the Network’s rules of governance (): the Network has an Executive Committee, which elects the President for a renewable two-year term. The current NGFS President is Frank Elderson (European Central Bank), and the Banque de France provides the Network with a permanent Secretariat.

Key NGFS data, together with progress achieved, can be found in the Network’s annual report.
All information relating to the NGFS, including all analysis and research publications, as well as annual reports, can be consulted on its website (

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