BOI accepted as full member of NGFS organization
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12/28/2020
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GovXContentSection
The
Network of Central Banks and Supervisors for Greening the Financial
System (NGFS) was established in Paris in December 2017. As of
December 2020, 83 central banks and supervisory authorities from
various countries around the world are members, and 13 international
economic and financial organizations serve as observers.
The
organization’s objective is to help strengthening the global
response required to meet the goals of the Paris agreement and to
enhance the role of the financial system to manage risks and to
mobilize capital for green and low-carbon investments in the
broader context of environmentally sustainable development. The
Network defines and promotes best practices in the field of climate
risk management for the financial system, and conducts or
commissions analytical work on green finance.
Bank
of Israel Governor Prof. Amir Yaron: "I welcome the Bank of
Israel’s accession to the NGFS, and noted that membership in the
organization is a direct continuation of the central bank’s
commitment to raise awareness and promote study and research in the
field in Israel."
Supervisor
of Banks Yair Avidan said, “All of us are obligated to get involved
in the global struggle to reduce the effects of climate risks, and
market mechanisms on their own cannot bring about the desired
change. As such, international and intercontinental involvement
and cooperation are necessary between government, regulatory, and
business sector players to implement an advanced policy to deal
with climate risks. The banking system and the Banking
Supervision Department are also taking part in this important task,
and will continue to do so when the initial steps toward future
regulation are taken.”
The
Bank of Israel’s economists and researchers will participate in the
organization’s plenary work and work groups.
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