On September 16, 2020, National Bank of Romania (NBR) has become a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). NGFS was established by eight central banks and supervisors in December 2017 at the One Planet Summit in Paris to strengthen the global response required to meet the goals of the Paris agreement. Since then, the 
number of the NGFS members has grown significantly. NGFS aims to improve the analytical framework and management of climate-related and environmental risks and to increase the role of financial system in financing the transition toward a sustainable economy. To this end, NGFS defines and promotes best practices to be implemented within and outside of the Membership of the NGFS and conducts or commissions analytical work on green finance, its activity being structured into specific working structures:
As an institutional member of the NGFS and based on the Romanian law no. 312 / 2014, NBR supports the activity of NGFS. NBR has already taken steps to identify, develop and use some of the specific climate risk analysis tools within the financial stability policy framework, research that is highlighted in the editions of the Report on financial stability. Moreover, NBR facilitates the debates among central bankers, representatives of national and international institutions, economic think-tanks or academia on addressing the challenges for the financial system posed by climate change.
On the occasion of the UNFCCC COP26 Summit, held between October 31, 2021 – November 12, 2021, in Glasgow (Scotland), under the presidency of the United Kingdom of Great Britain and Northern Ireland and in cooperation with the G20 Presidency held at that time by Italy, it was published, on November 3, 2021 a common statement of engagement of the NGFS members, including NBR, in support of the Paris Agreement Objectives, "NGFS Glasgow Declaration: Committed to Action". In this context, NBR also issued an Individual declaration of engagement in support of the greening of the financial system, published on its website, next to the COP26 Joint Statement of NGFS Members. The two communications (joint declaration of NGFS members and individual declaration of NBR) had as purpose to present an unitary engagement position regarding central banks’ and supervisory authorities’ approach, conferring representativeness globally. At the same time, the NBR communication in the context of COP 26 Summit was done in line and in accordance to elements addressed to the National Bank of Romania by the National Committee for Macroprudential Oversight under NCMO Recommendation no. R/6/2021 concerning the support of green finance.
Further information
Network for Greening the Financial System
NGFS Publications by year