National Bank of Georgia joins network of central banks
BAKU, Azerbaijan, Feb. 20
By Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) has joined the Network for Greening the Financial System (NGFS), which is a global network of central banks and supervisory authorities advocating a more sustainable financial system, Trend reports referring to NBG.
The network, launched at the Paris One Planet Summit on 12 December 2017, is a group of Central Banks and Supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilize mainstream finance to support the transition toward a sustainable economy.
NGFS brings together 42 central banks and supervisors and eight observers.
"Being a member of NGFS will allow NBG to study the experience of other central banks and supervisors in terms of sustainable finance, be directly involved in the work of different work streams, 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,” said the bank.
As reported, NBG will have an appointee in the network’s macro financial work stream and will also have a representative at the plenary of the network.
National Bank of Georgia reported that becoming a member of the NGFS is another step towards the sustainable finance framework development.
"This will support the effective implementation of the Georgian central bank’s Sustainable Finance Roadmap," the bank says.
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