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Central banks and supervisors step up climate action

· Ravi Menon, Chair of the Network for Greening the Financial System (International)

Summary written by Dark Majestic in its own words · topics: banking regulation and supervision, climate, energy and nature, development and emerging economies

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· Ravi Menon Wiki · Network for Greening the Financial System WikiCentral banks and supervisors step up climate action

ContextKeynote remarks by Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System (NGFS), at the NGFS COP28 Finance Day, Singapore, 4 December 2023.

Why it mattersThe NGFS studies how supervisors should judge the credibility of firms' transition plans.

Problems raised
  1. The financial system must support the climate transition.
  2. Transition plans vary widely in credibility.
  3. Emerging markets face specific transition challenges.
Solutions proposed
  1. Study a prudential approach to transition planning.
  2. Link corporate and financial institutions' transition plans.
  3. Assess the credibility of transition plans.
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