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The National Bank of Ukraine decided to "green up" the country's financial system

Ukraine / Business and Finance
The National Bank of Ukraine decided to "green up" the country's financial system

The National Bank of Ukraine became a member of the Network For Greening The Financial System (NGFS). It is a community that brings together central banks and supervisors from around the world. Its goal is to exchange experience and expand research in the direction of greening (greening) the financial system.

Today, the problems of preserving the environment are of concern to all modern financial regulators. Given the significant influence of the market on all sectors of the economy, central banks strive to be leaders in the implementation of progressive approaches and, at their level, contribute to improving the environmental situation. That is why the National Bank of Ukraine has determined for itself the introduction of regulatory practices aimed at significantly reducing environmental and social risks for the economic system, one of the urgent tasks at the current stage.

Membership in the Network will enable the National Bank to exchange experience and research in the direction of greening (greening) the financial system with regulators who have already made significant progress in this matter. Participation in the meetings of the working groups will contribute to increasing attention to the problems of greening the financial system both within the institution and on the part of other participants in the financial market of Ukraine.

“We believe that a significant public interest in the activities of the National Bank is an advantage that we should use to promote the ideas of preserving the environment. Modernity requires us to respect the environment and an integrated approach to the implementation of the principles of environmental friendliness and social responsibility in the financial system. The more coordinated the actions of the international community of central banks, the faster these issues will be introduced into regulatory practice as their integral elements, ”said Vladimir Kuchin, Head of the European Integration and International Programs Department of the National Bank.

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Network For Greening The Financial System (NGFS) was established on December 12, 2017 as a group of central banks and supervisors, voluntarily expressed a desire to share experiences and best practices in order to form effective systems for managing climate and environmental risks ... Today the organization has 87 members and 13 observers.

The goal of NGFS is to accumulate efforts and attract public attention to achieving the goals of the Paris Agreement, as well as to strengthen the role of the financial system in the process of risk management and mobilization of capital for "green" investments. To this end, NGFS identifies the best practices in this area and contributes to their promotion, and also carries out active research work on the problems and prospects for the development of a "green" economy.

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