The Network for Greening the Financial System (NGFS) is a global network of central banks and supervisory authorities advocating a more sustainable financial system. Its aims to analyse the consequences of climate change for the financial system and to redirect global financial flows in order to enable low-carbon economic growth. The Bundesbank is one of the founding members of the NGFS. Bundesbank Executive Board member Sabine Mauderer serves as Vice-Chair.

In April 2019, the NGFS presented its first comprehensive report: “A call for action – Climate change as a source of financial risk”. At its core are six recommendations for action chiefly aimed at central banks, supervisors and legislators:

• Integrating climate-related risks into financial stability monitoring and micro-supervision
• Integrating sustainability factors into own portfolio management
• Bridging data gaps
• Building awareness and intellectual capacity and encouraging technical assistance and knowledge sharing
• Achieving robust and internationally consistent climate and environment-related disclosure
• Supporting the development of a taxonomy of economic activities