Latvijas Banka joins global central bank network for addressing climate challenges

The Latvian Central Bank (Latvijas Banka, LB) said March 13 it has joined the global Network of Central Banks and Supervisors for Greening the Financial System (Network for Greening the Financial System; NGFS).

"The aim of the NGFS is to analyse the effects of the climate change on the financial sector and the ways how decisions made by the sector can support the implementation of greening policies, including a transition to an environment-friendly low carbon economy," LB said in a release.

The international network was established in December 2017 and involves central banks and financial sector supervisors from 59 countries, including 20 EU member states, as well as the European Central Bank; 12 international organisations as observers, e.g. the Bank for International Settlements, European Investment Bank, International Monetary Fund, Organisation for Economic Cooperation and Development, and the World Bank (for a full list of members, see: https://www.ngfs.net/en/about-us/membership).

Having compiled and analysed the experience and best practices of various institutions, the NGFS develops recommendations and guidelines that help to identify and understand the potential risks caused by the climate change; improve management of the related risks in the financial sector, as well as mobilise funding to support transition to green or environment-friendly low carbon economy. 

Latvijas Banka will contribute to the NGFS activities its analysis and share its experience of well-considered and responsible investment management, as well as will continue implementing greening measures, e. g. installation of solar panels for ensuring the operation of the cash storage and processing centre.

 

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