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Central Banks Jump Into Climate-Change Policy Fray | Hellenic Shipping News Worldwide
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RBI joins network for ‘greening the financial system’
April 29, 2021
NGFS was launched at the Paris One Planet Summit on December 2017 The Reserve Bank of India (RBI) has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a Member.
The NGFS is a group of Central banks and supervisors willing to share the best practices and contribute to the development of the environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition towards a sustainable economy. The System was launched at the Paris One Planet Summit on December 2017.
“RBI expects to benefit from the membership of NGFS by learning from and contributing to global efforts on Green Finance which has assumed significance in the context of climate change,” it said in a statement.
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Climate change is one of the greatest threats facing humanity. As such, the House Subcommittee on Investor Protection Entrepreneurship and Capital Markets is leading the discussion with a hearing today. The panel rightfully realizes that with a changing climate comes a completely new dimension of risk to the financial industry. One must only look toward the recent catastrophic winter storm damages to know that now is the time for financial regulators to proactively deal with this threat.
While federal agencies must maintain appropriate boundaries between environmental policy and financial regulation, they should identify and mitigate such growing risk to the financial system from environmental threats. Volatile weather, rising sea levels, and often intensifying natural disasters impact financial institutions from their exposures to affected households and businesses as well as the collateral damage.
CAI MENG/CHINA DAILY
Estimates say China will need to invest hundreds of trillions of yuan in low-carbon projects in order to achieve carbon neutrality, underlining the need for green finance development
In his speech at the general debate of the 75th session of the United Nations General Assembly on Sept 22, 2020, President Xi Jinping pledged that China will strive to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. To achieve this goal, China needs to speed up large-scale decarbonization in the electricity, transport, construction and industrial sectors.
To realize carbon neutrality, China must dramatically cut production and consumption of and investment in carbon-intensive products/projects, especially those related to coal. At the same time, China needs to mobilize hundreds of trillions of yuan for low-carbon investments in the coming decades, in areas such as renewable energy, green transportation, green buildings, low-carbon manuf
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