Press Release No. 19/354

IMF Joins Global Network of Central Banks and Supervisors as an Observer, Aiming to ‘Green the Financial System’

September 26, 2019

The International Monetary Fund (IMF) has joined the Paris-based Network for Greening the Financial System (NGFS) as an Observer. The NGFS is the only forum worldwide bringing together central banks and supervisors committed to understanding and managing the financial risks and opportunities associated with climate change.

“The IMF is pleased to join the NGFS as an Observer. This will allow us to contribute our institutional knowledge about the capabilities of central banks, financial supervision, and capital markets to help policymakers make far-sighted decisions that will help ‘green’ the financial system,” said Tobias Adrian, the IMF’s Financial Counsellor and the Director of the Monetary and Capital Markets Department (MCM). “Climate change puts our planet at risk, and it confronts humanity with an existential challenge,” Adrian added.

The NGFS was launched in December 2017 during the One Planet Summit in Paris. The network now includes 46-member institutions and 9 observers that participate in three different work streams related to mitigating climate risk: supervision, macro-financial issues, and mainstreaming green finance.

"I am pleased that the IMF has decided to join the NGFS. We look forward to working with the IMF to address the challenges for the financial system posed by climate change. The knowledge and global reach of the IMF is invaluable to accelerate the much needed greening of the financial system,’’ Frank Elderson, Chair of the NGFS, said.