NGFS年度报告-ngfs_annual_report_2020

Network for Greening the Financial System Annual report Annual report 2020 March 2021NGFS ANNUAL REPORT 2020 2 Introductory message by Frank Elderson, Chair of the NGFS L aunched in 2017, the Central Banks and Supervisors Network for Greening the Financial System (NGFS) published its first comprehensive report in April 2019, issuing in particular six non‑binding recommendations aimed at inspiring central banks and supervisors in their domestic agenda. In 2020, we focused our work on following up on these recommendations to help the NGFS members to take action, thus ensuring that our community keeps developing a common understanding around these global issues. The past year has been extraordinary for all of us, in many ways. The worldwide pandemic crisis has undoubtedly affected our personal and professional lives. Yet I am very proud that even under these challenging circumstances, the NGFS members did not lose sight of the urgency and seriousness of climate change and environmental issues. Not only did we stay on track, we even doubled down on our efforts. In 2020, the NGFS published several reports, including some operational guides and the so‑called NGFS scenarios. These publications cover the core missions of central banks and supervisors, from supervision to financial stability monitoring and monetary policy. They also reflect the considerable progress we have made collectively in improving the analysis and management of climate and environment‑related risks. We also reviewed our governance and approved a new work programme, including the launch of two new workstreams focused on data gaps and research topics. While immensely challenging, the pandemic has also provided an extraordinary and unique opportunity for a green recovery. On a more practical level, it pushed us to change the way we work together: for instance, our Plenary meeting in Bangkok, hosted by the Central Bank of Thailand, had to be cancelled but we managed to keep the spirit of the NGFS alive by switching to virtual meetings and events. It has even proven to be a very accessible – and, of course, climate‑friendly – way to share knowledge and experiences. Our Network can only be as strong as the community supporting its work. That is why I want to express my heartfelt gratitude for the continued commitment of the NGFS members and observers to the work of the NGFS, and for all efforts and technical expertise. I am also pleased to see how everyone has progressed in integrating climate‑related and environmental risks into their day‑to‑day work: indeed, a truly global response from central banks and supervisors to the climate crisis is only possible when the work of the NGFS is leveraged within each jurisdiction. I am therefore delighted that we continue to welcome new members from around the world: in 2020, our network of the willing grew from 54 to 83 members and from 12 to 13 observers. In its first three years of existence, the NGFS managed to explode out of the starting blocks, but we are aware that we have started a marathon, not a sprint. Looking ahead, the NGFS will continue to expand its efforts on climate scenarios, supervisory practices, monetary policy and sustainable and responsible investment practices, and take the first steps to address data gaps in relation to its work. I am definitely confident that 2021 will be another productive year for the Network.NGFS ANNUAL REPORT 2020 3 O N E P L A N E T S U M M I T DECEMBER 2017 central banks and supervisors established a Network of Central Banks and Supervisors for Greening the Financial System. representing 5 continents. As of December 2020, the NGFS consists of The NGFS is a coalition of the willing. It is a voluntary, consensus-based forum whose purpose is to share best practices, contribute to the development of climate and environment-related risk management in the financial sector and mobilise mainstream finance to support the transition toward a sustainable economy. The NGFS issues recommendations which are not binding but are aimed at inspiring all central banks and supervisors and relevant stakeholders to take the necessary measures to foster a greener financial system. 83 Members 13 Observers Origin of the NGFSNGFS ANNUAL REPORT 2020 4 FEBRUARY Steering Committee meeting and Outreach Plenary meeting with European NGFS Members in Basel NGFS announced as winner of the Central Banking 2020 Green Initiative Award MARCH Publication of the 2019 NGFS Annual report APRIL Approval of the 2020‑2022 NGFS work programme by the Steering Committee, including the launch of two new workstreams focused on data gaps and research topics MAY Publication of the Guide for Supervisors: Integrating climate‑related and environmental risks into prudential supervision Publication of A Status Report on Financial Institutions’ Experiences from working with green, non green and brown financial assets and a potential risk differential JUNE Publication of the NGFS Climate Scenarios for central banks and supervisors along with the Guide to climate scenario analysis for central banks and supervisors Publication of the report Climate Change and Monetary Policy: Initial takeaways Publication of the NGFS The Macroeconomic and Financial Stability Impacts of Climate Change: Research Priorities Publication of the Statement on the need for a green recovery out of the Covid‑19 crisis Steering Committee meeting (via videoconference) Launch of a series of interviews performed with NGFS members (“In conversation with”) 2020 NGFS highlights Network for Greening the Financial System Technical document Guide for Supervisors Integrating climate-related and environmental risks into prudential supervision May 2020 Network for Greening the Financial System Technical document A Status Report on Financial Institutions’ Experiences from working with green, non green and brown financial assets and a potential risk differential May 2020 Network for Greening the Financial System NGFS Climate Scenarios for central banks and supervisors June 2020 Network for Greening the Financial System Technical document Guide to climate scenario analysis for central banks and supervisors June 2020 Network for Greening the Financial System Technical document Climate Change and Monetary Policy Initial takeaways June 2020 Network for Greening the Financial System Technical document The Macroeconomic and Financial Stability Impacts of Climate Change Research Priorities June 2020NGFS ANNUAL REPORT 2020 5 JULY Approval of the new NGFS charter by the Plenary Frank Elderson reappointed as NGFS chair for up to two more years Expansion of the Steering Committee to include the European Central Bank as a permanent member NGFS announced as winner of the Climate Bonds Initiative 2020 Central Bank Pioneer Award SEPTEMBER Publication of the Overview of Environmental Risk Analysis by Financial Institutions, along with the NGFS Occasional Paper “Case Studies of Environmental Risk Analysis Methodologies” Steering Committee meeting (via videoconference) NOVEMBER Expansion of the Steering Committee to include three additional members for a two‑year term : the Bank of Canada, Bank Negara Malaysia and the Financial Services Agency of Japan Steering Committee meeting (via videoconference); Banco Central do Brasil was invited by the Chair of the NGFS to attend this meeting on an ad hoc basis Outreach event jointly organised with the Coalition of Finance Ministers for Climate Action DECEMBER Publication of the Progress report on the implementation of sustainable and responsible investment practices in central banks’ portfolio management Publication of the Survey on monetary policy operations and climate change: key lessons for further analyses Contribution by the Chair of the NGFS at the working meeting Ambition Neutralité Carbone 2050 hosted by the French President on the occasion of the 5th anniversary of the Paris agreement 2020 NGFS highlights (continued) Charter of the Central Banks and Supervisors Network for Greening the Financial System JULY 2020 Network for Greening the Financial System Technical document Overview of Environmental Risk Analysis by Financial Institutions September 2020 1 Network for Greening the Financial System Technical document Progress report on the implementation of sustainable and responsible investment practices in central banks’ portfolio management December 2020 NGFS_7e_Book_83membres.indb 1 11/12/2020 17:19 Network for Greening the Financial System Technical document Survey on monetary policy operations and climate change: key lessons for further analyses December 2020 NGFS_8e_Book.indb 1 14/12/2020 09:08NGFS ANNUAL REPORT 2020 6 In April 2019, the NGFS published its first comprehensive report, A call for action, and issued six recommendations for central banks, supervisors, policymakers and financial institutions to enhance their role in the greening of the financial system and the managment of climate and environment‑related risks. The recommendations are not binding and reflect the best practices identified by NGFS members to facilitate the role of the financial sector in achieving the objectives of the Paris Agreement. Recommendations Nos. 1 to 4 are aimed at inspiring and providing meaningful reference points to central banks Central banks and supervisors Recommendations Main actions undertaken by the NGFS 1. Integrating climate‑related risks into financial stability monitoring and micro‑supervision. Publication of several reports, including the Guide for Supervisors (May 2020), the NGFS Climate Scenarios for central banks and supervisors and the Guide to climate scenario analysis (June 2020). 2. Integrating sustainability factors into own‑portfolio management. Publication of two reports: A sustainable and responsible investment guide for central banks’ portfolio management (October 2019) and a Progress report on the implementation of sustainable and responsible investment practices (December 2020). 3. Bridging the data gaps. In 2020, the NGFS launched a new workstream focused on the topic of data gaps. 4. Building awareness and intellectual capacity and encouraging technical assistance and knowledge‑sharing. The NGFS Secretariat frequently organises internal workshops and outreach sessions with its members. NGFS members and the NGFS Secretariat are also very active in sharing experiences beyond NGFS membership, by organising and participating in conferences/events. Policy makers Recommendations Main actions undertaken by the NGFS 5. Achieving robust and internationally consistent climate and environment‑related disclosure. Although there are many aspects of reporting that fall outside the remit of central banks and supervisors, disclosure of climate and environment‑related risk is an instrumental element for better management of these risks and for the scaling‑up of green finance. Therefore, several NGFS workstreams are working on the topic from various perspectives. 6. Supporting the development of a taxonomy of economic activities. The NGFS is an observer of the International Platform on Sustainable Finance (IPSF) and of the Platform on Sustainable Finance (PSF). Focus on the six NGFS recommendations and follow-up and supervisors – NGFS members and non‑members – to take these best practices on board when it fits within their mandate. Parts of these recommendations may also be applicable to financial institutions. Recommendations Nos. 5 and 6 do not fall directly within the remit of central banks and supervisors but point to actions that can be taken by policymakers to facilitate the work of central banks and supervisors. Since then, the NGFS has focused its work on following up on these recommendations to help the NGFS members to take action.NGFS ANNUAL REPORT 2020 7 As of end‑2020, the NGFS covers: Over 75% of global greenhouse gas emissions Over 85% of global GDP 83 members, representing 5 continents Supervision of over 100% of the global systemically important banks and 2/3 of the global systemically important insurers In 2020: • The NGFS won 2 awards (Central Banking and Climate Bonds Initiative). • 6 interviews were performed with NGFS members (“In conversation with”). • The NGFS published 9 reports. • The Chair of the NGFS delivered more than 10 speeches. • The NGFS organised more than 20 virtual high‑level meetings. • 29 new members joined the NGFS. • Representatives of NGFS members, NGFS workstream Chairs and the NGFS Secretariat participated in more than 100 events and showcased the work of the NGFS. Outreach session with European Plenary members, at the BIS premises in Basel (February 2020) Steering Committee meeting, at the BIS premises in Basel (February 2020) 2020 NGFS key figuresNGFS ANNUAL REPORT 2020 8 Working structure of the NGFS In April 2020, the NGFS Steering Committee approved the 2020‑2022 NGFS work programme, including the launch of two new workstreams focusing on addressing data gaps and research. The work of the NGFS is now structured along five workstreams dedicated to: • Developing supervisory practices on climate‑ and environment‑related risks (chaired by Zeng Yi Wong from the Monetary Authority of Singapore); • Analysing the macrofinancial impact of climate change (chaired by Sarah Breeden from the Bank of England); • Scaling up green finance (chaired by Sabine Mauderer from the Deutsche Bundesbank); Fabio Natalucci, co‑ Chair of the workstream on “Bridging the data gaps”: “Improving quality, consistency and comparability of climate data is a multi‑faceted challenge: Convergence toward a common disclosure framework, alongside progress toward global minimum standards, is crucial to close data gaps. ” Zeng Yi Wong, Chair of the workstream on “Microprudential and Supervision”: “Climate and environmental risks call for supervisors globally to take action. We will continue to play a pivotal role in uplifting supervisory practices and deepening risk analysis. ” Ma Jun, Chair of the workstream on “Research”: “Research is key to keeping NGFS on a path towards innovative green finance solutions. ” Sabine Mauderer, Chair of the workstream on “Scaling up green finance”: “Climate change is clearly moving up central banks’ agendas. We are exploring how to deal with climate‑related risks in our monetary policy operations. ” • Bridging the data gaps (co‑ chaired by Fabio Natalucci from the International Monetary Fund and Patrick Amis from the European Central Bank/Single Supervisory Mechanism); • Developing the NGFS research agenda (chaired by Ma Jun from the People’s Bank of China). The NGFS, represented by its Secretariat, is also an observer of the International Platform on Sustainable Finance (IPSF) and the Platform on Sustainable Finance (PSF), and an institutional partner of the Coalition of Finance Ministers for Climate Action (CFMCA). Patrick Amis, co‑ Chair of the workstream on “Bridging the data gaps”: “Addressing climate‑related risks requires quality data and involves many different stakeholders. Despi