The Central Banks and Supervisors Network for Greening the Financial System (NGFS) got down to business on 24 January 2018. Established by national central banks and financial supervisory authorities in December 2017 at the Paris One Planet Summit, the NGFS held its inaugural meeting in Paris, where its members expressed their collective commitment to sustainable investment.

They used their session in Paris to discuss a working programme for 2018. Agenda items include sharing experience and identifying best practices on the supervisory and macrofinancial dimensions of climate-related and environmental risks as well as potential options to scale up green financing. Frank Elderson, member of the Governing Board of De Nederlandsche Bank, was appointed chair of the network. The next NGFS meeting will be held in Amsterdam in early April.

The NGFS's membership comprises the Banco de México, the Bank of England, the Banque de France and the Autorité de Contrôle Prudentiel et de Résolution (French FSA), De Nederlandsche Bank, the Monetary Authority of Singapore, Finansinspektionen (Swedish FSA), the People's Bank of China and the Deutsche Bundesbank. Bundesbank Executive Board member Joachim Wuermeling will support the NGFS’s work on behalf of Germany’s central bank.

"We are looking to play an active role in the NGFS and contribute our wealth of expertise." A global push is crucial for funding the transition to a low-carbon economy, he continued, "And that's where many central banks are hoping to do their bit to help."