Financial Authorities Apply to Join Green Finance Council... "Active Participation in Green Finance Discussions"
Subscription Confirmed Within 1 Month
Eun Seong-su, Chairman of the Financial Services Commission (right), and Kim Geun-ik, Senior Deputy Governor of the Financial Supervisory Service (left), are signing the application letter for joining the Network for Greening the Financial System (NGFS).
View original image[Asia Economy Reporter Park Sun-mi] Financial authorities will actively participate in international discussions on green finance by joining the Network for Greening the Financial System (NGFS).
On the 20th, the Financial Services Commission and the Financial Supervisory Service announced that they have applied to join the NGFS, a global network of central banks and supervisory authorities for green finance, coinciding with the P4G Seoul Summit scheduled for the 30th to 31st of this month. After submitting the NGFS membership application under the name of the heads of the institutions on the 17th, membership will be confirmed within one month upon approval by member institutions.
The NGFS was established in 2017 with the purpose of managing climate and environmental financial risks and supporting the transition to a sustainable economy. As of May, 90 institutions from 70 countries including France, the Netherlands, the United Kingdom, and Germany, as well as 14 international organizations, are participating. In South Korea’s case, the Bank of Korea joined in 2019.
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The NGFS is currently engaged in various discussions such as supervisory measures for climate and environmental financial risks, the impact of climate change on the macroeconomy and finance, and the development of data related to climate and environmental risks. Through NGFS activities, the Financial Services Commission and the Financial Supervisory Service plan to actively participate in international discussions on green finance and enhance the global consistency of domestic green finance policies. Additionally, considering the growing domestic and international interest in Korea’s green finance triggered by the P4G Seoul Summit, they intend to actively promote the efforts of the domestic financial sector in advancing green finance through the NGFS.
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