Bundesbank Executive Board member Sabine Mauderer will spend two years as Vice-Chair of the Network for Greening the Financial System (NGFS), before serving as Chair for the following two years. “More than 100 central banks and supervisory authorities are working together to mitigate climate risks,” Ms Mauderer said. “I will do my utmost to keep pushing forward the NGFS’s agenda – both in my capacity as Vice-Chair and later on as Chair of the NGFS.”

Bundesbank President Joachim Nagel also welcomed the decision of the NGFS’s members. “The appointment of Sabine Mauderer to the role of Vice-Chair of the NGFS emphasises her great dedication,” declared Mr Nagel. “It is a mark of confidence and, at the same time, an obligation to do more in terms of incorporating climate change topics into our action and analyses.”

Menon appointed as new Chair

The NGFS will first be chaired by Ravi Menon, Managing Director of the Monetary Authority of Singapore. Mr Menon succeeds ECB Executive Board member Frank Elderson, who has served as the network’s Chair since its establishment in 2017.

Now 105 members

The NGFS is a global network of central banks and supervisory authorities advocating a more sustainable financial system. Its goal is to analyse the consequences of climate change for the financial system and to mobilise global financial flows in a way that enables low-carbon economic growth. The Bundesbank is one of the founding members of the NGFS. The network has since grown to count a total of 105 members and 16 observers.