Network for Greening the Financial System (NGFS)

Why in news?

• The Reserve Bank of India (RBI) has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a member.

About the network:

• The Network for Greening the Financial System (NGFS) is a network of 83 central banks and financial supervisors that aims to accelerate the scaling up of green finance and develop recommendations for central banks' role for climate change.
•  The NGFS was created in 2017 and its secretariat is hosted by the Banque de France, the central bank of France.
• The NGFS was announced at the Paris “One Planet Summit” in December 2017.
• The network was launched by 8 founding central banks.

Prelims Question:

Consider the following statements on Network for Greening the financial system:
1.It primarily aims to reduce energy usage and carbon footprint in banking sector.
2.Reserve Bank of India is a founding member of the network.
Which of the statements given above is/are correct?
(a)1 only
(b)2 only
(c)Both 1 and 2
(d)Neither 1 nor 2

Answer to Prelims question