ADB joins financial greening network

MANILA, Philippines — The Asian Development Bank (ADB)  has joined the Paris-formed Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer.

The Manila-based multilateral bank joined the network effective June 23.

NGFS, launched at the Paris One Planet Summit on Dec. 12, 2017, is a group of central banks and supervisors willing to share best practices on environment and climate risk management in the financial sector, while mobilizing mainstream finance to support the transition of countries toward a sustainable economy.

ADB chief economist Yasuyuki Sawada said “NGFS is a valuable network to share ADB’s approaches and experience in addressing climate risk management in the financial sector.”

“We look forward to learning from and contributing to the network as we continue our pursuit of a more green and sustainable future,” he said.

ADB joins the ranks of the World Bank, the International Finance Corp., the International Monetary Fund and the Organisation for Economic Co-operation and Development as NGFS observers.

Its inclusion to the NGFS is aligned with the goals in its Strategy 2030, particularly in tackling climate change, building climate and disaster resilience and enhancing environmental sustainability.

It is likewise aligned with the goals of fostering regional cooperation and integration; and strengthening governance and institutional capacity under the long-term corporate strategy.