And only last Month, during climate week, New York’s Department of Financial Services became the first U.S state banking regulator to join the Network. So we have a collective leverage that is incredibly powerful. Also the IMF joined as an observer. The World Bank, the BIS, the Basle Committee, the OECD and others had already joined before.
This year, the NGFS reached another milestone: a report with six recommendations to inspire central banks and supervisors to take the necessary measures to foster a greener financial system. As said, climate-related risks translate into financial risks via the physical and the transition channels. This is not only true for climate-related risks. It also holds for broader environmental and social challenges.