What is the News?

• Reserve Bank of India(RBI) has joined the Network for Greening the Financial System (NGFS) as a Member.

About Network for Greening the Financial System(NGFS):

• NGFS was launched at the Paris One Planet Summit in December 2017.
• Purpose: It is a group of Central banks and financial supervisors. The NGFS aims to accelerate the scaling up of green finance and develop recommendations for central banks’ role in climate change.
• Headquarters: It is located at the Bank of France headquartered in Paris.
• Members: As of April 2021, the NGFS consists of 90 members and 13 observers.
• Significance for RBI: As Green Finance has assumed significance in the context of climate change. So the RBI expects to benefit from the membership of NGFS by learning and contributing to global efforts on Green Finance.