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  • Writer's pictureDeborah

On November 30, 2021, the Office of the Superintendent of Financial Institutions Canada (OSFI) announced that it became a member of the international Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

Composed of 102 central banks and supervisors and 16 observers, NGFS focuses on environment and climate risk management in the financial sector and support of sustainable economies.

This membership is another step towards addressing climate-related risks and preparedness in response to impacts of climate change on the financial system and economy.

The NGFS, launched in December 2017, includes 102 central banks and supervisors working on a voluntary basis to, amongst others, define and promote best practices and contribute to the development of environment and climate risk management in the financial sector.

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