Frank Elderson, Chair of The Network of Central Banks and Supervisors for Greening the Financial System (NGFS), says it will create a new workstream on climate and environmental data - in yet another major move on the topic in recent weeks.
Financial giants State Street, BlackRock and Allianz have all announced they are leading separate initiatives to drive consistency and comparability over the past couple of months. Speaking to RI, Elderson, also an Executive Board Member at the Dutch central bank DNB, said there was a lack of good climate data, a need for harmonisation.
The NGFS released two reports on climate risk management today. The first focuses on 54 financial institutions’ (49 banks and five insurers) and whether they identify a risk differential between green and brown financial assets.
For the past three years, there have been calls from some corners of the financial markets to revise capital requirements for banks, to reflec…