Central banks form green network

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 are 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.

It expects the number of members to grow over time.

It plans to hold its first face-to-face meeting early next year, with a high-level conference in April in Amsterdam. A stock-taking exercise will also take place in the first half of next year.

The creation of the network comes amid a flurry of support this week for transnational climate-change and sustainability initiatives, marking the two-year anniversary of the landmark Paris climate agreement.

More than 200 institutional investors have also said that they will step up pressure on the world's biggest corporate emitters of greenhouse gases to combat climate change.

A version of this article appeared in the print edition of The Straits Times on December 14, 2017, with the headline 'Central banks form green network'. Print Edition | Subscribe