The National Bank of Georgia (NBG) has joined the Network for Greening the Financial System (NGFS), which is a network of Central Banks and Supervisors.
The aim of the network is to share best practices, to manage climate risks, to develop the environment of the finance sector and to support the development of a sustainable economy.
The network has structured its analytical and technical work into three following workstreams:
- microprudential and supervision
- macrofinancial
- scaling up green finance
As of now, the NBG will have an appointee in the network’s macrofinancial workstream and will also have a representative at the plenary of the network.
Being a member of the NGFS will allow the NBG to learn about the experience of other central banks and supervisors in terms of sustainable finance, be directly involved in the work of different workstreams, make its own contribution to the development of the best international practices and share its own experience with other central banks, which are at an early stage of sustainable finance framework development,” says the NBG.
The NBG reports that becoming a member of the NGFS is another step towards the sustainable finance framework development and writes that this will support the effective implementation of the Georgian central bank’s Sustainable Finance Roadmap.
The NGFS was launched in December 2017 by eight central banks and supervisors. As of now, the network has 55 members and 12 observers.
