The Network for Greening the Financial System (NGFS) today announced   the appointment of Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), as their new Chair for a two-year term.

1. Mr Menon succeeds Mr Frank Elderson, Member of the Executive Board of the European Central Bank, who served as Chair since the establishment of the NGFS in 2017. Ms Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, will serve as Vice-Chair.

2. The NGFS, which comprises 105 central bank members, has been playing a leading role in helping to enhance climate and environmental risk management in the financial industry globally. It has conducted pioneering work on best practices for central banks and supervisors to steward the financial sector towards a sustainable economy. The NGFS Glasgow Declaration   published at COP26 highlighted concrete commitments by NGFS members in the coming years.

3. MAS is one of the eight founding members of the NGFS and has been an active participant across its workstreams. MAS has been leading the workstream on microprudential and supervision, which provides guidance for supervisors on incorporating climate and environmental risks within their supervisory framework. MAS’ active participation in the NGFS reflects the belief that the financial sector can play a useful role in catalysing sustainable and green finance.

4. Mr Menon said, “MAS has been a strong advocate of the NGFS. Strengthening the resilience of the financial sector to environmental risks and promoting green finance to support Asia’s transition to a sustainable economy are high priorities for MAS. We look forward to the opportunity to further support the important work that the NGFS has been doing to advance the goals set under the Paris Agreement.”