Network for Greening the Financial System (NGFS)

?? In conversation with... “The value of the NGFS is immense not only for individual member jurisdictions like Ghana, but also for the entire world. This underscores the critical role that international cooperation plays in promoting and effectively addressing climate-related financial risks for the global financial system, for which we applaud the NGFS. The Bank of Ghana will continue to actively participate in NGFS Plenary deliberations and analytical work, and will continue to support NGFS’ outreach programmes in Africa and beyond.” If you want to learn more about the Bank of Ghana’s involvement with the #NGFS, take a look at our latest interview with Elsie Addo Awadzi, Second Deputy Governor at Bank of Ghana. ?? Read more: https://lnkd.in/ewRFsA_y

NGFS #Scenarios Phase V | Launch Event ?? On 8 November, the NGFS presented the fifth vintage of its long-term climate macro-financial scenarios for forward-looking climate risks assessments in a public launch event. Discover more about the updated scenarios in our launch event presented by Livio Stracca (Chair of the NGFS workstream on Scenario Design and Analysis), along with the modellers of our partner academic consortium. ?? Find the recorded session on YouTube here: https://lnkd.in/eGMwnb9w ?? Download the presented slides here: https://lnkd.in/eS-m5fvu ?? We also encourage you to have a look at the recording of the NGFS Finance Day Event at #COP29 in Baku here: https://lnkd.in/eGBDvamx Besides other highly interesting discussions on climate finance related topics, we hold a panel on the phase V scenarios and use cases for these.

NGFS at #COP29 | Data Directory 2.0 ? ???Today, at its dedicated #FinanceDay Event at the German Pavilion at #COP29, the NGFS revealed a sneak-peek of its upcoming Data Directory 2.0! ? ?? Building on the experience from the first Data Directory launched in 2022, the NGFS is collaborating with the Bank for International Settlements – BIS Innovation Hub Singapore Centre, the Monetary Authority of Singapore (MAS) and the Banque de France to deliver in 2025 the Data Directory 2.0, a public good to unlock the full potential of the wealth of already existing climate data, and further bridge gaps. ? ?? The Data Directory 2.0 represents a new era of climate data accessibility and will feature a collaborative data ecosystem, advanced search and analytics tools, enhanced methods for integrating diverse data sources and an intuitive user-centric design. ? ?? The Data Directory 2.0 aims to bring the community together and is open to any interested participant to contribute and update its content. Knowledge doesn’t add, it multiplies, so join the Data Directory 2.0 adventure! ???Watch the Data Directory 2.0 short demo below, and the full presentation here: https://lnkd.in/dr_qR9gt ???Read more about the Data Directory: https://lnkd.in/dbrUDeKK? ? Sabine Mauderer I Yann Marin I Jean Boissinot I Thomas Beretti I Harry Lee I Olivier Jacquemont I Dr. Patrick Hoffmann I Sivasubramanian Ramanathan I Léa Grisey

NGFS at #COP29 | Taking stock of the #greening of the financial system ?? The NGFS is proud to release its Synthesis report on the greening of the financial system, offering a comprehensive view on recent progress and remaining gaps. Join us for an in-depth discussion of the report’s findings and other NGFS deliverables on #FinanceDay, in Baku and online! ?? This Synthesis report provides essential insights for #COP29, shedding light on the steps needed to embed climate, nature, and transition considerations into financial decision-making. Key topics include: - An assessment of climate finance alignment with #ParisAgreement objectives and a review of current funding gaps. - Insights into scaling up green finance instruments. - An overview of financial regulation, supervision and policy practices to foster a resilient green financial ecosystem. The report synthesises data and insights from NGFS members, observers, and knowledge partners such as the International Monetary Fund, OECD - OCDE, The World Bank, WWF, and Climate Policy Initiative to present a holistic view of progress and areas needing action. ? ? Join us at the German pavilion today from 15:30 (UTC+4) to discuss these findings with leading voices from across the sector and explore the role of #supervision and #regulation, the utility of climate #scenarios, nature and climate #data, and the mobilisation of #climatefinance. ?? Read the report: https://lnkd.in/echzxRj6 ?? See the full agenda and watch the event: https://lnkd.in/e5qE-R2d ?? Read more about NGFS publications at COP29: https://lnkd.in/e2mKEcAd

NGFS at #COP29 | What does #adaptation mean for the financial system? ?? The NGFS is proud to announce the launch of its Conceptual Note on Adaptation. Join the #LaunchEvent tomorrow in Baku and online! ? ??This Conceptual Note highlights the growing importance of climate adaptation for financial stability, recognising that adaptation is increasingly central to the mandates of #CentralBanks and #FinancialSupervisors. Key topics include: - Insights on integrating climate adaptation into financial risk management practices and scaling up adaptation finance. - Analysis of the interlinkages between adaptation finance, insurance protection gaps and the prudential risks that a failure to adapt could pose to the financial sector - An annex with six national examples demonstrating current adaptation actions by authorities and partnerships with public and private sectors. - Four focus areas for central banks and supervisors, from improved metrics and disclosures to fostering supportive regulatory frameworks and international collaboration. ? ? Join us tomorrow at the Australian Pavilion from 10:30 to 11:30 UTC+4 to explore the adaptation challenges facing global economies. The expert-led discussion will highlight the importance of integrating adaptation into risk management, promoting adaptation finance and bridging insurance protection gaps, for both developed economies and emerging markets.? ? ?? Read the note: https://lnkd.in/ewEbpXqQ ?? Watch the event: https://lnkd.in/eivaxkTG The NGFS is organising a series of events on #FinanceDay. Learn more here: https://lnkd.in/eMFQJFdv Sean Carmody (Australian Prudential Regulation Authority) | Shelagh Kahonda (National Bank of Rwanda (NBR)) | Sabine Mauderer (Deutsche Bundesbank) | Michai Robertson (ODI Global) | Usher, E. (United Nations Environment Programme Finance Initiative (UNEP FI)) | Stephane Hallegatte (The World Bank)

Steering through uncharted waters! ? On Saturday, I had the honour to open the 2024 #GreenSwanConference in Basel. This high-level event brought together central bankers, representatives from international organisations, the corporate sector, and academia. It was a great opportunity to discuss the impacts of climate change on the economy, and the implications for central banks and monetary policy. ? Key takeaways from my speech: ? ? #ClimateChange and the #GreenTransition are reshaping our economies. ? They add to the host of challenges that central banks must to consider in their work. ? While we have already made progress in understanding #ClimateRisks, our journey has just started. ? We will continue to delve into the complex macroeconomic effects of climate change and further refine our analytical tools. ? I am grateful to the Bank for International Settlements – BIS, the Network for Greening the Financial System (NGFS), the Banco de Espa?a, and the Bank of Japan for organising this conference and to all participants for their valuable contributions and the insightful discussions. ? I look forward to further fostering our cooperation to navigate the challenges of climate change. ? ?? Check out my full remarks here: https://lnkd.in/e9uKUQvg Or watch the recording of #Greenswan2024 (link in comments below). ? #Climate #Economy #Finance #SustainableFinance #CentralBanking Copyright images: BIS

?? [LIVE NOW] - The fourth edition of the #GreenSwanConference is here! Join the livestream – https://lnkd.in/eREVKC4t The Green Swan Conference 2024 is jointly organised by the Bank for International Settlements, the Bank of Japan, the Banco de Espa?a and the Network for Greening the Financial System (NGFS). If you want to watch one of the sessions again or you cannot join today, session recordings will be available on Monday 11 November. Just check the BIS website and the BIS YouTube channel! For more information on the programme and the livestream, visit our website – https://lnkd.in/e5E3jufG

?? Do not forget to register for the public outreach today! ?? Link here: https://lnkd.in/e53n5tGy

?? Join the NGFS at #COP29 ! ?? On November 14th the Network for Greening the Financial System (NGFS) will host two #FinanceDay side-events at COP29 in Baku. Learn more about the state of and perspectives for the greening of the financial system. Building on the momentum of the recent?NGFS #CaliBakuPledge, our focus will be on solutions to enable action within the financial system and beyond for the transition to a net-zero and nature-positive economy. Besides, explore with us the importance of climate adaptation, its relevance for central banks and supervisors and its implications for financial stability. The discussions will bring together key actors and decision-makers from the green finance community, including central banks, supervisors, standard setters, multilateral development banks and private sector firms, with voices from research institutions and NGOs. ??? Save the date and join us on Finance Day, November 14th, in Baku or online! ? NGFS Finance Day Panel on Adaptation: 10:30 – 11:30, Australian Pavilion, Blue Zone, Baku ? NGFS Finance Day Event: 15.30 – 18:30, German Pavilion, Blue Zone, Baku You can find more information on the program here: https://lnkd.in/eMFQJFdv Speakers include: Sabine Mauderer, Chair of the NGFS and First Deputy Governor of the Deutsche Bundesbank | Aaron Vermeulen, WWF | Achim Steiner, UNDP | Ambroise Fayolle, European Investment Bank (EIB) | Avinash Persaud, Inter-American Development Bank | Bo Li, International Monetary Fund | Usher, E. United Nations Environment Programme Finance Initiative (UNEP FI)| Harry Lee, Monetary Authority of Singapore (MAS) | Irene Heemskerk, European Central Bank | James Close, NatWest Group | Leah R., Aviva | Livio Stracca, European Central Bank | Mardi McBrien, IFRS Foundation | Mathilde Mesnard, OECD - OCDE | Michai Robertson, Alliance of Small Island States (AOSIS) ODI Global | Ottmar Edenhofer, PIK - Potsdam Institute for Climate Impact Research | Sean Carmody, Australian Prudential Regulation Authority | Shelagh Kahonda, National Bank of Rwanda (NBR) | Ulrik Stridb?k, ?rsted

?? Today the NGFS has published the fifth vintage of its long-term climate scenarios.?It contains an updated set of scenarios on the macro-financial impacts of climate change and of the transition policies needed to mitigate it. Phase V NGFS scenarios strengthen and confirm the results from previous vintages. A coordinated transition will be less costly than disorderly or no action in the long run. Limiting the temperature increase to 1.5 °C above pre-industrial levels in an orderly fashion is achievable, though it will require substantially more efforts. The NGFS scenarios have been updated with new economic and climate data as well as latest policy commitments. The scenarios account for the latest GDP and population projections, as well as the most recent country-level climate commitments. The main development is an updated assessment of climate physical risk, leading to significantly higher estimated impacts. This is due to the implementation of a new damage function leveraging on latest scientific methodologies and climate models. We also published three enclosed documents providing further information on the NGFS scenarios: a high-level overview on the updates, an explanatory note on the new damage function as well as an updated technical documentation. Curious to learn more? ?? We invite you to discover the new vintage of the NGFS scenarios during our online launch event on 8th November, 1pm CET. Register to the event: https://lnkd.in/e53n5tGy ?? Find the press release here: https://lnkd.in/eFhgqaHX ?? Read the full publication including our comprehensive slide deck here:?https://lnkd.in/e2C88aPF The NGFS thanks all contributing partners for their great work: PIK - Potsdam Institute for Climate Impact Research, International Institute for Applied Systems Analysis (IIASA), University of Maryland, Pacific Northwest National Laboratory, Climate Analytics, National Institute of Economic and Social Research (NIESR), European Central Bank, Livio Stracca. #climatechange #centralbanking #macromodelling #economy #NGFS?