The Asian Development Bank (ADB) on June 23 joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer.
The NGFS was launched at the Paris One Planet Summit on December 12, 2017.
It is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition toward a sustainable economy, reads a press release.
"NGFS is a valuable network to share ADB's approaches and experience in addressing climate risk management in the financial sector," said ADB Chief Economist Yasuyuki Sawada.
He added that ADB looks forward to learning from and contributing to the network as they continue the pursuit of a more green and sustainable future.
NGFS Chair Frank Elderson said, "ADB's operational experience in implementing climate finance targets, as well as its expertise in mobilising innovative finance to support the transition of emerging Asian countries into sustainable economies, will be of great value in supporting the work of NGFS."
ADB joins the ranks of the World Bank, the International Finance Corporation, the International Monetary Fund, and the Organisation for Economic Co-operation and Development as NGFS observers.
ADB's inclusion to the NGFS is aligned with the goals in its corporate strategy, the Strategy 2030, particularly in tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; fostering regional cooperation and integration; and strengthening governance and institutional capacity.
ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members – 49 from Asia.