The Network for Greening the Financial System (NGFS) has announced the appointments of a new chair and vice chair.
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), will replace founding chair Frank Elderson as leader of the central bank and financial supervisors group, while Bundesbank executive board member Sabine Mauderer will become vice chair.
The new appointments were made on the recommendation of the steering committee, which has also been expanded to include Banca d’Italia and Banco Central do Brasil. All of the appointments are for a two-year term, after which Mauderer will take over as chair for a subsequent two years. The Banque de France’s Jean Boissinot will continue as secretary general, leading the NGFS’s secretariat.
Menon has led the MAS since 2011, introducing a wide range of climate measures at the Singaporean central bank, including climate-related stress testing and disclosure, and reduced borrowing costs for green loans. He is a member of the Financial Stability Board’s steering committee and has been outspoken on climate and environmental issues, warning that damage to human and natural systems will be “severe and likely irreversible” should the current global emissions trajectory continue.
“The NGFS has helped to enhance our understanding of [climate] risks and to set the pace for global efforts to green the financial system,” Menon said on taking up his new role. “I look forward to working closely with Sabine Mauderer to harness and accelerate the collective efforts of the NGFS towards achieving the goals set under the Paris Agreement.”
The appointments were widely welcomed by central bankers, with many tributes also paid to outgoing chair Frank Elderson for his role in founding and developing the NGFS. “The contribution of my dear colleague Frank Elderson to establishing the NGFS as a crucial voice in the debate on the role of central banks and supervisors in fighting climate change can hardly be overstated,” said fellow European Central Bank executive board member Isabel Schnabel.
The NGFS was founded in December 2017 with just eight members, including the MAS. Since then it has grown to 105 members covering over 85% of global GDP and 75% of global greenhouse gas emissions. NGFS members also supervise all global, systemically important banks.
This page was last updated January 17, 2022
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