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Mahesh

30/04/21 05:25 AM IST

RBI joins network for ‘greening the financial system’

In News 

  • The Reserve Bank of India (RBI) has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a Member.
Details 
  • The NGFS is a group of Central banks and supervisors willing to share the best practices and contribute to the development of the environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition towards a sustainable economy.
  • The System was launched at the Paris One Planet Summit on December 2017.
  • RBI expects to benefit from the membership of NGFS by learning from and contributing to global efforts on Green Finance which has assumed significance in the context of climate change.
About NGFS 

  • There are 83 central banks associated with the system. Of these 75 are members and 13 are observers.
  • The main objective of the system is to increase and accelerate green finance.
  • It was announced during the One Planet Summit held at Paris in 2017.
  • The initiative was launched by eight central banks under the leadership of Banque de France.
  • It aims to help the members design policies and climate risk resilience in financial sector.
Source- Hindubusinessline 

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