The Croatian National Bank, an active member of the Network for Greening the Financial System (NGFS), is proud to announce the publication of the NGFS Cali-Baku Pledge to Enable Action on the occasion of the 2024 United Nations Conference on Biological Diversity. (COP16) and the United Nations Conference on Climate Change (COP29), reaffirming its commitment to play an enabling role in global efforts to green the financial system.

With the publication of the Cali-Baku Pledge to Enable Action, our coalition of 141 central banks and financial supervisors and 21 observers from around the world:

• recognises the need to examine the economic impacts and financial risks arising from climate change and nature degradation through an integrated approach in order to meet monetary policy objectives and preserve financial stability;
• commits to assisting its members in addressing financial risks related to climate change and nature by providing analytical frameworks, tools and guidance;
• calls on the wider financial community, in particular ministries of finance, financial institutions and businesses, to make use of these funds.

The declaration builds on the latest findings of the NGFS climate scenarios, which underline that limiting global warming to 1.5°C and reducing carbon emissions to net zero by 2050 remains possible, but requires increased and coordinated efforts across sectors. The Pledge identifies several initial use cases for policy makers and financial institutions to leverage the NGFS’s publicly available resources. The NGFS invites decision-makers from the broader financial community to use these resources to manage climate and nature-related risks. The Pledge provides a list of NGFS publications that have recently been and will be published shortly.

The CNB, as a member of the NGFS, is committed to encouraging the greening of the financial system.

The Network for Greening the Financial System (NGFS), established at the One Planet Summit in Paris on 12 December 2017, is a group of central banks and supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environmental and climate risk management in the financial sector, as well as to mobilise mainstream financial channels to support the transition towards a sustainable economy. The NGFS consists of 141 central banks and financial supervisors and 21 observers. The network has members on five continents that operate in economies that produce more than 88% of global greenhouse gas emissions and are jointly responsible for the supervision of all global systemically important banks and more than 80% of internationally active insurance groups. The NGFS is chaired by Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank. The Secretariat, headed by Yann Marin, is provided by the Banque de France.

For more details, visit the NGFS website, LinkedInandX portal or contact NGFS Secretariat at Banque de France: sec.ngfs@banque-france.fr.

Press office at the Banque de France : +33 (0) 1 42 92 39 00/presse@banque-france.fr