♦ The system is made up of 83 different central banks. There are 75 participants and 13 observers among them.
♦ The system’s main goal is to increase and accelerate green finance.
♦ It was revealed in 2017 at the One Planet Summit in Paris.
♦ Eight central banks spearheaded the campaign, which was led by the Banque de France.
♦ Its aim is to assist members in developing design policies and resiliency to climate risk in the financial sector.
Current Functions of NGFS:
♦ NGFS is currently operating under the following conditions:
♦ Microprudential or supervision: Singapore is in charge of this.
♦ Bank of England’s Macrofinancial works
♦ Green Finance Scaling Up: Deutsche Bundesbank (Germany)
♦ The International Monetary Fund (IMF) is bridging data gaps.
♦ Research: China