Network for Greening the Financial System (NGFS) reposted this
Deutsche Bundesbank First Deputy Governor | Chair of the Network for Greening the Financial System (NGFS) | Passionate about innovation and positive change in the financial system
I naturally regret the Federal Reserve’s withdrawal from the NGFS, especially given the critical importance of addressing climate-related risks. However, I respect its decision. Our network does a tremendous job of highlighting the various economic and financial risks posed by climate change. Our expertise is widely used by the G20 and other international forums. The NGFS pursues a science- and data-based approach, and it is up to our more than 140 members to decide how they use the work of the NGFS, within their respective mandates. Network for Greening the Financial System (NGFS) Banque de France South African Reserve Bank #finance #economy #climate #G20 #NGFS #usa #bundesbank #ecb
Great work Sabine Mauderer .
How will Federal Reserve lose from the pullout, any research available?
Maybe the Fed will be undercover members - so long as they don’t tell Mr. Trump.
All movements suffered
May I suggest that this climate change issues does not pose threat to other countries or their securities concern; those countries that might be victims of climate change should be assisted by regardless of jeopardize and prejudice to enhance others. Apprenticeship opportunities help those who need the skills most and booster businesses to claim their investments to education and training!!!
Thanks for the positive message message Sabine. The work of the NGFS in providing common frameworks and tools to measure climate and nature risk, and supporting transition finance is critical
Climate change is not as DANGEROUS as "the financial change" - forcing people to believe in MONEY as simple NUMBERS, not as CASH. Can you feel it in the AIR? It's everywhere. The aggressive discourse that fuels the cashless rhetoric cannot lead to a healthy economic environment. Keep focusing on climate change, and you will soon end up empty-handed because all the money will have vanished by the time you wake up. I hope the THIN AIR behind the numbers in your banking app will save you then. P.S. Or do you stack up cash?
History will remember these as confused times Sabine Mauderer—when everyone seemed to forget and miss that accounting hadn’t kept up with the shift from an industrial to digital/knowledge/intangible economy. That balance sheets had been robbed of their relevance. That accounting’s asset and liability DNA strands were denied existence because companies are incentivised to reduce taxable profits. Creating a backlash against ESG and sustainability because of a flawed premise that transition returns are lower—while in accounting reality they’re higher. In which the Big 4 audit firms were trusted despite 25 years of forgetting how to account for reality. But, well they’re accountants aren’t they-without realising that the Big 4’s technical accounting expertise has been eroded to an irrelevance as, once again, they’ve been allowed to blur audit independence. And then suddenly, history will recall, in early 2025 a lightbulb went on across the economy—just in time. ‘Of course investments into greening the financial system should be treated as assets—why aren’t they already?” And with that lightbulb, in early 2025, we”ll be on our way! I’ll write. Network for Greening the Financial System (NGFS) Mike Clark Nick Spencer
NGFS is useless without the most important central bank in the world. Useless, in this context is a good thing. Concentrate on price mandate.
Driving Impact Globally
2moWhile the Federal Reserve’s decision may shift the dynamics, the NGFS’s science-based approach remains a crucial benchmark for financial systems worldwide to address climate risks effectively and collaboratively.