14 August 2024

Within the membership in the International Network for Greening the Financial System (NGFS), National Bank experts participated in the preparation of the Guide on climate-related disclosure for central banks - second edition.

The Guide covers the four aspects of incorporating climate risks when carrying out the functions of the central banks: organizational structure; strategy; risk management; and measures and goals, whereby the National Bank experts contributed to the preparation of the recommendations for reporting within the risk management process. The National Bank is one of the fourteen central banks that worked on the preparation of this revised and improved version of the Guide. The process itself lasted for two years and included the active participation in the work of the sub-group Central banks’ own disclosure of climate-related and environmental risks, which is part of the group Net Zero of the Network for Greening the Financial System.

The revised version of the Guide encourages central banks to give their own example by publishing climate-related risks and activities. Also, the Guide concludes that the greater transparency of central banks for climate-related issues also means more successful management of these risks and is essential for encouraging the transition to a sustainable economy.

The National Bank, on the pattern of the best reporting practices on this topic, published an Annex for the exposure to climate risks and the effects of the sustainable investment of foreign reserves within the Annual Report for 2023. Within the collective efforts for greening the financial system, in the following period the National Bank will share its own experience when measuring and publishing the exposure to climate risks in the foreign reserves management process, through a virtual meeting, as part of the educational workshops of the Network for Greening the Financial System, in order to encourage and guide the central banks that make the first steps in this area.

The International Network for Greening the Financial System (NGFS) unites 141 central banks and supervisors and 21 observer, who on a voluntary basis share the best practices and contribute to the development of the environment and the management of climate risks in the financial sector, contributing to the mobilization of the main finances for support of the transition to a sustainable economy.

Governor's Office

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