The Inter-American Development Bank (IDB) has joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) as an observer. Amal-Lee Amin, Chief of Climate Change, and Juan Antonio Ketterer, Chief of Capital Markets and Financial Institutions, are the IDB representatives to the NGFS.
The NGFS helps to strengthen the global response required to meet the Paris Agreement goals and to enhance the role of the financial system to manage risks and to mobilize capital for green and low-carbon investments, in the broader context of environmentally sustainable development.
As an observer to the NGFS, the IDB will support activities toward achieving a stable financial agenda, by mitigating financial risks stemming from climate change events and from the transition to a low carbon-economy. The IDB will also seek to leverage its convening power and existing networks of public and private investors, financial institutions, regulatory bodies and authorities that are interested in the sustainable finance agenda in the region.
The NGFS was created in December 2017 by eight central banks and financial supervisors. The Bank of Mexico was among the founding members and, since then, the Central Bank of Costa Rica, the Superintendency of Colombia and the Mexican National Banking and Securities Commission have also joined. The NGFS now consists of 42 Members and 9 Observers, representing five continents.
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