Reserve Bank of India (RBI) has joined the NGFS (Network for Greening Financial Systems):
The Reserve Bank of India (RBI) has recently joined the Network for Greening the Financial System (Network for Greening the Financial System) (NGFS). The Reserve Bank of India will learn from the financial sector and contribute to global climate risk management by entering the scheme. Finally, Apex Bank will collaborate with its international partners to aid the transition to a more sustainable economy.
Highlights:
♦ There are 83 separate central banks that make up the scheme. There are 75 participants in total, with 13 observers.
♦ The primary aim of the scheme is to increase and accelerate green finance.
♦ It was announced at the One Planet Summit in Paris in 2017.
♦ The campaign was led by the Banque de France and included eight central banks.
♦ Its aim is to help members develop design policies and climate risk resiliency 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
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