Latest news with #NetworkforGreeningtheFinancialSystem
Al Etihad
2 days ago
- Business
- Al Etihad
CBUAE organises Climate Forum, ‘Network for Greening the Financial System' meeting in Abu Dhabi
19 June 2025 20:14 ABU DHABI (WAM)Under the Patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the United Arab Emirates (CBUAE), the CBUAE is organising its first Climate Forum and a meeting of the Network for Greening the Financial System (NGFS) at the St. Regis Saadiyat Island Resorts, Abu Dhabi, on June 26, two-day event demonstrates the CBUAE's commitment to driving sustainable finance and leading the transition towards a more sustainable financial system, in line with the UAE's vision to achieve net zero by Climate Forum brings together financial leaders, policymakers, international experts in sustainable finance and climate risks, and senior officials from regulatory bodies, central banks, and international financial aim is to exchange insights on ways to foster better integration of climate policies in risk management and investment and to explore effective solutions for enhancing financial sector resilience in the face of future climate and environmental will also address frameworks for activating regional and international cooperation in the areas of monetary policy, regulation and sustainable Islamic finance, thereby strengthening the complementary roles between the public and private sectors. This further underscores the UAE's growing position as a regional and international hub for leading the global dialogue on the future of sustainable NGFS meeting will be centred on 'greening' monetary policy frameworks. Discussions will focus on integrating climate change impacts into monetary policy formulation and operations, alongside reviewing the NGFS's latest work progress and plans. Since its inception in 2017, the NGFS has become a global force, uniting over 160 central banks and financial Mohamed Balama, Governor of the CBUAE, said, "The convening of the Climate Forum and the Network for Greening the Financial System meeting marks a milestone amidst the global shifts in economic policies and the growing climate challenges. In line with the wise leadership's vision for the UAE and its commitment to achieving net zero by 2050, the CBUAE continues to solidify its pivotal role in spearheading financial sustainability." He added, "This is achieved by strengthening the green finance infrastructure and developing regulatory frameworks that support the integration of climate risks within the financial sector's ecosystem, thereby enhancing its resilience, reinforcing its stability, and achieving the desired balance between economic growth and sustainability."
Time of India
29-05-2025
- Business
- Time of India
Reserve bank launches climate risk data platform to address financial sector risks
MUMBAI: The Reserve Bank is stepping into the climate data void. As concerns mount over the financial sector's exposure to climate-related risks, India's central bank announced the launch of the Reserve Bank–Climate Risk Information System (RBI-CRIS), a two-pronged data platform intended to bridge persistent gaps in climate-related financial information. Tired of too many ads? go ad free now The move signals the bank's recognition that climate change is 'emerging as one of the significant risks to the financial system,' and that regulated entities must better assess, quantify, and mitigate these risks. Financial institutions face two broad categories of climate risk. Physical risks stem from weather-related disasters such as floods, droughts, cyclones, and rising seas. Transition risks arise from shifts in policy, technology, or market sentiment as the world moves toward a low-carbon economy. Both types, the notes, require robust and granular data to measure financial exposure accurately. That data, however, remains scarce. 'One of the major challenges by the REs in this regard is to have a comprehensive assessment of its financial impact, which is constrained due to lack of high-quality data, besides modelling challenges,' the central bank said in its report. Estimates of physical risk, for example, rely on hazard data—such as geographic susceptibility to extreme weather—and vulnerability data, like historical financial losses. Transition risk assessments need information on sectoral emissions, carbon pricing, and benchmark decarbonisation pathways. Yet institutions are often hampered by 'lack of uniform methodology, fragmentation in accessibility, lack of uniformity in publication of data and differences in metrics, units and formats. ' Global efforts such as the G20 Data Gap Initiative, the Network for Greening the Financial System (NGFS), and the Net-Zero Data Public Utility (NZDPU) aim to address these problems. Tired of too many ads? go ad free now But, as the RBI dryly notes, these 'need fine-tuning from a developing country perspective.' Enter RBI-CRIS. The new system will consist of two parts: a web-based directory publicly listing a range of meteorological and geospatial data sources, and a restricted-access data portal offering processed, standardised datasets to regulated financial institutions. The platform aims to 'bridge and standardise three data gaps: (i) physical risk; (ii) transition risk; and (iii) carbon emission,' the RBI said. The hope is that a better data foundation will lead to more rigorous climate-risk assessments and support informed decision-making across India's financial sector. Whether banks and other institutions are ready to act on that information, however, remains to be seen.
