NGFS - Network for Greening the Financial System

Network for Greening the Financial System

DE

The NGFS (“Network for Greening the Financial System”) is a global network of central banks and supervisory authorities committed to a more sustainable financial system. The NGFS analyses the impact of climate change on the macroeconomy and the financial system and is committed to improving the management of climate and nature-related financial risks. This helps mobilise mainstream finance to support the transition toward a more sustainable economy. 

Founded in December 2017 by eight institutions – including the Deutsche Bundesbank – the NGFS today has more than 150 members from over 95 countries. Bundesbank First Deputy Governor Dr Sabine Mauderer led the network until mid-2026, first as Vice-Chair and later as Chair. 

The NGFS has published numerous studies, guidelines and practical tools, among them long-term and short-term climate scenarios. These scenarios help central banks, supervisory authorities and financial institutions to understand and better manage financial risks arising from climate change and climate mitigation policies. These climate scenarios also serve as the basis for climate stress tests. Another important topic for the NGFS is the inclusion of climate-related risk in monetary analysis and implementation. The network has published a series of analyses and policy options in this area, too. 

For 2026 to 2027 the NGFS agreed on a new strategy with three key area of focus:

  • The NGFS will remain a technical incubator that brings together macroeconomic, financial and supervisory expertise to deliver robust, evidence-based analyses and best practices for central banks and supervisory authorities. This includes, for example, integrating climate considerations into existing macroeconomic modelling tools. 
  • The NGFS will continue to design and refine climate scenarios that support supervision, risk management and monetary policy analysis. 
  • The members of the NGFS will support each other through capacity building and knowledge sharing, to put technical analyses into practice. This supports members in fulfilling their respective mandates on price stability and financial stability.