Also in 2017, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) was launched as a forum in which central banks and financial regulators discuss how to respond to climate change. The Bank joined the NGFS in 2019 and has participated in discussions on the effects of climate change on economic activity and the financial system.
In 2020, the NGFS published its first set of climate scenarios, based on the idea that using scenario analysis is effective in assessing climate-related risks to the financial system. A number of central banks and financial regulators are currently conducting analyses of the financial system using the NGFS scenarios.