The National Bank of Georgia joins the Network for Greening the Financial System (NGFS)
The National Bank of Georgia (NBG) joined the Network for Greening the Financial System (NGFS) within the Framework of Sustainable Finance Development. The NGFS is a network of Central Banks and Supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilize mainstream finance to support the transition toward a sustainable economy. The NGFS was established in December 2017 by eight central banks and supervisors. Since then, the membership of the Network has grown across the five continents and, as for now, it consists of 55 members and 12 observers. In order to carry out specific analytical and technical work, the network has structured its work into three dedicated workstreams: workstream on microprudential and supervision, workstream on macrofinancial, and workstream on scaling up green finance.
The NBG becoming a member of the NGFS is another step towards the sustainable finance framework development. At this stage, the National Bank will have an appointee at the NGFS's macrofinancial workstream and will also have a representative at the plenary. Being a member of the NGFS will allow the NBG to learn about the experience of other central banks and supervisors in terms of sustainable finance, be directly involved in the work of different workstreams, make its own contribution to the development of the best international practices and share its own experience with other central banks, which are at an early stage of sustainable finance framework development. All of this will further facilitate the effective implementation of the NBG's Sustainable Finance Roadmap.