25 Nov 2019

NIB joins the Network of Central Banks and Supervisors for Greening the Financial System

On 21 November 2019, NIB was accepted as an observer to the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The Network’s purpose is to help strengthen the global response required to meet the goals of the Paris agreement.

The NGFS was launched at the Paris One Planet Summit in December 2017. The group consists of central banks and supervisors who are willing, on a voluntary basis, to share best practices and contribute to the development of environmental and climate risk management in the financial sector.

The aim of the group is to mobilize mainstream finance to support the transition towards a sustainable economy.

“NIB is honoured to have been selected as observer to the NGFS. Climate change will require business models to change and a transformation of the whole economy. The financial sector needs to be prepared for the embedded risks and facilitate a smooth transition. NIB is glad to work with the Network in these areas, and provide support with its practical experience and its role as a public purpose bank”, says Lars Eibeholm, Vice President and Head of Treasury at NIB.

“The practical knowledge gathered by NIB through its involvement in sustainable finance, policy and market developments as well as the development of tools for measurement of impact investments, green taxonomy and green house gas accounting in several working groups at both the EU and the global level will be of great value to support the work of the NGFS”, says Frank Elderson, Chair of the NGFS.

To achieve its goals, the NGFS has three dedicated work streams: “Microprudential/Supervision”, “Macrofinancial” and “Scaling up green finance”. For more information on the NGFS, please visit the Network’s official website.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For more information, please contact:

Mr Lars Eibeholm, Head of Treasury, at +358 10 618 0400, lars.eibeholm@nib.int

Mr Jukka Ahonen, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int