The NGFS is keeping its momentum On the international front, it is a source of great pride to see the NGFS, which we initiated almost three years ago in Paris – along with seven other founding members – and for which we provide the Secretariat, blossoming with more than 70 Members, covering the five continents. The NGFS is striving with more than six deliverables produced to date, following-up on the six recommendations we issued in our First Comprehensive report (April 2019). Let me highlight three of its latest publications in particular, which bring some building blocks to a climate-risk assessment framework:  1/3  BIS central bankers' speeches  - The “Guide for Supervisors”, published last May, sets out recommendations for banking and insurance supervisors (for example: identifying exposures of supervised entities that are vulnerable to climate-related and environmental risks and assessing the related potential losses); - The “Guide on climate scenario analysis for central banks and supervisors”, published last June, which aims to provide a common starting point for analysing climate risks to the economy and the financial system. Indeed, the ACPR pilot exercise builds on these NGFS climate scenarios; - The NGFS has also started to tackle the link between climate change and monetary policy by publishing “Initial takeaways” in June 2020. Based on a comprehensive review of existing literature and expert analyses, it provides early answers to the following questions: (i) How does climate change affect key macroeconomic variables?
Let me remind you in conclusion that we central banks cannot be “the only game in town”: to give an obvious example, only an accurate carbon pricing will allow for a full integration of climate risks into any business decision. We cannot do everything, but rest assured we will do our utmost. 3/3  BIS central bankers' speeches