RBI publishes ‘Statement of Commitment to Support Greening India’s Financial System

What is the News?

Reserve Bank of India (RBI) has published its Statement of Commitment to Support NGFS [Network for Greening the Financial System] declaration.The declaration aims to contribute to the global response required to meet the climate goals.

What is NGFS?

NGFS was launched at the Paris One Planet Summit on December 12, 2017.

Purpose: It is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector. 

It also seeks to mobilise mainstream finance to support the transition towards a sustainable economy.

Members: It includes central banks and financial supervisors.

Secretariat: It is hosted by the Banque de France

When did RBI join NGFS?

Reserve Bank of India(RBI) has joined the Network for Greening the Financial System (NGFS) as a Member in April,2021.

RBI expects to benefit from the membership of NGFS by learning from and contributing to global efforts on Green Finance which has assumed significance in the context of climate change.

Source: This post is based on the article “RBI publishes ‘Statement of Commitment to Support Greening India’s Financial System” published in “AIR” on 6th November 2021.