SINGAPORE - Eight central banks and financial supervisory bodies, including the Monetary Authority of Singapore (MAS), have established a collective platform to address climate change and sustainability.

In addition to the MAS, the founding members of the newly formed Central Banks and Supervisors Network for Greening the Financial System include the central banks of Mexico, England, France, the Netherlands, Germany, Sweden and China.

The new grouping is intended as a voluntary platform and forum for the authorities to exchange views and best practices with regard to climate-related risks for the financial sector and the development of green finance. In a statement, the Network said that it is not meant to be a standard-setting body.

The Network plans to hold its first physical meeting in early 2018, with a high-level conference in April 2018 in Amsterdam. A stock-taking exercise will also take place in the first half of 2018.