The Bank of Greece became a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) on 25 January 2019.
The NGFS is a network of central banks and supervisors comprising 28 members and six observers. The Network’s objective is to help strengthen the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system in managing risks and mobilising capital for green and low-carbon investments in the broader context of environmentally sustainable development. Members aspire to exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector, and mobilise mainstream finance to support the transition towards a sustainable economy.
The Bank of Greece participates in the Network through the work of its interdisciplinary Climate Change Impacts Study Committee (CCISC). The Bank of Greece’s representative at the NGFS is Ms. Theodora Antonakaki, Scientific Secretary of the CCISC. It should be noted that the Bank of Greece has been one of the first central banks worldwide to actively engage in the issue of climate change, setting up the CCISC in 2009. Ever since, the research work of the CCISC has highlighted climate change as a key factor that should be horizontally integrated into policymaking as it affects almost all sectors of the Greek economy.