MAS hosts meetings for central banks to tackle climate issues in finance

Climate-related risks and issues were identified for the transition to green financing.

The Monetary Authority of Singapore (MAS) hosted meetings for the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) to identify and manage climate-related financial issues.

Chaired by Ravi Menon, also the managing director of MAS, the gathering on 25 April involved 144 member institutions and observers who relayed developments in their work plans in the past year.

Constituents of the NGFS talked about climate scenarios, financial sector vulnerability assessments, climate change effects on monetary policy, supervisors' role in transition planning, central banks' net-zero strategies, and training.

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More on the agenda, the NGFS conducted a Plenary Outreach with APAC members that pinpointed climate-related financial risks and how these could be addressed.

The group emphasised Asia’s importance in the sustainable transition of markets, the significance of climate scenario analysis and the responsibility of financial institutions.

On the succeeding day, a workshop was held by the group which welcomed 160 participants.

Key points that central banks and supervisory institutions should bolster are blended finance, macroeconomics of climate change, nature-related risks, and transition planning.