As the first Central European participant, the Magyar Nemzeti Bank joined the international Network for Greening the Financial System (NGFS) in January 2019.
The Network’s purpose is to help achieve the goals of the Paris climate agreement, enhance the role of the financial system in managing climate-related risks, and provide the necessary resources for the transition towards a sustainable economy. Members of the NGFS voluntarily share their professional experiences and best practices, thereby contributing to the development of tools for environment and climate risk management in the financial sector.
In order to achieve its goals, the NGFS performs its research via the following seven working groups:
- Supervision;
- Scenario analysis;
- Monetary policy;
- Net zero carbon emissions by central banks;
- Climate-related risks;
- Capacity building and training;
- Adjustment.
In addition, to strengthen the role of central banks in their efforts against climate change, the NGFS Net Zero for Central Banks working group operates with four workstreams:
- Sustainable and responsible investment;
- Climate change disclosure by central banks;
- Greening the operations of central banks;
- Changeover planning at central banks.