Network for Greening the Financial System (NGFS)
People: Sarah Breeden becomes BoE’s executive director for financial stability
Senior official who has played key role in BoE’S climate initiatives will replace Alex Brazier
ECB officials suggest dropping market neutrality
Isabel Schnabel and Frank Elderson say climate change requires new approach to bond purchases
Greening the central banks
What are members of the NGFS doing to ‘green’ their own operations? Officials from the central banks of Belgium, Canada and Morocco highlight some of their initiatives
Republican senator accuses Fed of politicising research
Toomey demands documents from San Francisco Fed on climate and racial justice studies
NGFS suggests central bank climate policies
Green network advises measures to reduce financial risk and promote decarbonisation
Fed to launch new committee on climate risk
Brainard says body will focus on systemic dangers and warns hazards are hard to forecast
Brainard sets out Fed’s approach to climate risk
Fed board member sets out agenda similar to that of other major central banks
Green finance: new initiatives in China, Europe and Americas
Eurosystem adopts common investment principles; China pushes climate modelling; and more
2020: The year in review
The past 12 months have been marked by crisis-fighting and losses, but also innovation
A ‘love-hate’ relationship with ESG screens
ESG screens seen as a first step in adopting sustainable investment practices, so why do so few central banks use them?
Federal Reserve joins NGFS
Seven other organisations join as Trump defeat frees Fed to join green network
Fed joining NGFS would be a ‘game changer’ – Després
NGFS to increase study of monetary policy’s climate implications, head of secretariat says
ECB council gives green light to Frank Elderson’s appointment
Dutch official set to replace Yves Mersch on December 14, but still needs parliamentary backing
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Eurogroup nominates Elderson to ECB board
European Union’s governments and parliament must now consider DNB official’s appointment
Beyond climate: addressing the ‘E’ in ESG
Environmental degradation raises fundamental questions about how central banks think about risk; efforts to expand focus beyond climate risks now under way
State regulators could lead on CFTC climate risk plans
Sympathetic rulemakers don’t need to wait for a change of federal government, say experts
Few central banks consider climate risk within benchmarks
Despite central banks supporting mandatory climate risk disclosures, very few account for it in their benchmarks
Many Paris Agreement signatories do not use ESG screens
Most reserve managers fail to take environmental factors into account for FX portfolios
Q&A: New York Fed’s Stiroh on climate change and Covid
Co-chair of Basel task force discusses possible supervisory approaches to climate risk
NGFS unveils climate stress-test scenarios
Group releases guidance document and data to help central banks tailor climate stress scenarios
NGFS offers concrete next steps to assess climate vulnerabilities
New climate risk scenarios will be incorporated into Bank of England stress tests and Bundesbank economic modelling, write Sarah Breeden and Sabine Mauderer
Bank of Israel investigates carbon pricing
NGFS says global economy needs “green recovery” from pandemic
NGFS proposes five steps to integrate climate risks into supervision
Guidelines follow ECB’s public consultation on adding climate risks to its supervisory work