The Network for Greening the Financial System (NGFS)

25th September 2019

The Commission is pleased to announce that its application for membership of the NGFS has been accepted.

Guernsey is the first island International Finance Centre to achieve membership of the NGFS in a move consistent with the international engagement element of Guernsey’s green finance strategy.

The NGFS was established by eight central banks and supervisors following the "One Planet Summit" in Paris in December 2017. Since then, the NGFS has grown to forty-two Members and eight Observers, representing five continents. The NGFS’ diverse membership, which includes the German, Dutch and French Central banks, allows for close coordination between the various ongoing international initiatives on issues of common interest.

The Network’s purpose 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. It aims to accelerate the work of central banks and supervisors on climate and environmental risk and on scaling up green finance and so contribute to the development of environment and climate-related risk management in the financial sector.

As a new member, the Commission intends to play an active role at meetings of the NGFS and will take the opportunity to highlight the important contributions that International Finance Centres can make, working with other members, to help achieve the aims and objectives of the NGFS.