{"id":2424,"date":"2020-04-22T22:00:16","date_gmt":"2020-04-22T20:00:16","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=2424"},"modified":"2023-03-03T16:37:25","modified_gmt":"2023-03-03T15:37:25","slug":"we-need-the-ngfs-to-work-and-commit-to-push-for-a-green-recovery","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/04\/22\/we-need-the-ngfs-to-work-and-commit-to-push-for-a-green-recovery\/","title":{"rendered":"We need the NGFS to\u00a0 work and commit to push for a green recovery"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p><b style=\"color: rgb(89, 188, 109);\">On April 10th 2020, 6 European NGOs sent a letter to the Network For Greening the Financial System (NGFS) to ask it to call central banks to integrate climate related criteria in the stimulus plans. In particular, the letter called to exclude fossil fuels.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The current set of measures taken by different members of the NGFS support high carbon emitters and significantly delay climate action. As  the main coordinator of central banks\u2019 work on \u201cgreening\u201d the financial system, the NGFS has a special responsibility to address this problem, both in its internal work and in public.<\/span><\/p>\n<p><b style=\"color: rgb(138, 197, 107);\">In its last progress report, NGFS\u2019 chairman, Franck Elderson, wrote that even in this time of crisis NGFS members \u201cshould not lose sight of the fact that climate change stays an urgent and vital issue\u201d and that \u201cThe greener the recovery from the current crisis is, the better.\u201d Reclaim Finance, Friends of the Earth France, Positive Money EU, The Sunrise Project,  the Veblen Institute and the Sustainable Finance Lab strongly support these statements<\/b><span style=\"font-weight: 400; color: rgb(138, 197, 107);\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this context, we ask the NGFS to <\/span><b style=\"color: rgb(138, 197, 107);\">publicly call for the immediate integration of climate related criteria, including fossil fuel exclusions, in the stimulus plans and to push individual central banks to commit to this agenda<\/b><span style=\"font-weight: 400; color: rgb(138, 197, 107);\">. <\/span><\/p>\n<p>If the NGFS cannot set mandatory rules to its members, it is its mandate to promote good practices and push them to go further. As a \u201cnon-binding\u201d entity, <b style=\"color: rgb(138, 197, 107);\">the NGFS as a duty to go beyond what all of its member decide to apply on their own operations and to work on tools and measures that allows for a swift and pragmatic greening of the financial system<\/b><span style=\"color: rgb(138, 197, 107);\">. The NGFS should <\/span><b style=\"color: rgb(138, 197, 107);\">push for concrete measure, that could be implemented shortly to mitigate and adapt to climate change. <\/b><b style=\"color: rgb(138, 197, 107);\"><\/b><b style=\"color: rgb(138, 197, 107);\"><\/b><b style=\"color: rgb(138, 197, 107);\"><\/b><a href=\"https:\/\/reclaimfinance.org\/site\/en\/our-requests-to-central-banks\/\"><b style=\"color: rgb(138, 197, 107);\"><u>A good start would be to exclude assets from the most polluting companies from central banks\u2019 list of collateral and asset purchase programs<\/u><\/b><span style=\"color: rgb(138, 197, 107);\"><u>.<\/u><\/span> <\/a>Coal, unconventional oil and gas and the development of new fossil fuel projects should be the first assets to go.<\/p>\n<p><a title=\"\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2020\/04\/Joint-Letter-to-the-NGFS-10-04-2020-RF-PM-AT-IV-SP-SFL.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\"><u>Link to the letter<\/u><\/span><\/a><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":2422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[310,447,320],"acteurs_financiers":[2444],"thematique":[2504,2506],"webinar_type":[],"programme":[],"class_list":["post-2424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-european-central-bank-ecb","tag-green-recovery","tag-ngfs-en","acteurs_financiers-regulators","thematique-finance-en","thematique-sustainable-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>We need the NGFS to\u00a0 work and commit to push for a green recovery - Reclaim Finance<\/title>\n<meta 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