The network seeks to strengthen to enhance the role of the financial system to manage risks as well as mobilise capital for green and low-carbon investments in the broader context of environmentally sustainable development.
Tuesday 23, July 2019 BY KUDAKWASHE MUZORIWA
The Dubai Financial Services Authority (DFSA) has joined Central Banks and Supervisors Network for Greening the Financial System (NGFS), becoming one of the first regulatory authorities in the Middle East to join the network.
Bryan Stirewalt, the Chief Executive of the DFSA, said, “In August 2018, the DFSA issued its guidelines on green bonds that aim to facilitate the issuing and listing of environmentally friendly fixed income securities, including Green Sukuk on Nasdaq Dubai.”
DFSA stated that NGFS is a group of Central Banks and Supervisors willing to exchange experiences, contribute to the development of environment and climate risk management in the financial sector at the same time mobilising the mainstream finance to support the transition toward a sustainable economy.
The NGFS was established in December 2017 by eight central banks and supervisors at the Paris One Planet Summit, since then the network has grown to 42 members and eight observers, representing five continents.