NGFS Issues Request for Information on its Directory of Climate Data
On April 26, 2022, the Network of Central Banks and Supervisors for Greening the Financial System (“NGFS”) issued an online questionnaire relating to its directory of climate data.
The NGFS is a world-wide and voluntary organization for 114 central banks and financial supervisor members formed to exchange best practices, ideas, and research that members have developed relating to environmental and climate risk management in the financial industry. The NGFS also engages in projects intended to further this purpose, such as the 2021 project it conducted creating climate scenarios for members to use in analyzing climate risks.
Several United States financial regulators are also members of the NGFS, including the New York Department of Financial Services, the Office of the Comptroller of the Currency, the Federal Insurance Office, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency and the Federal Reserve Board.
This directory was issued to provide financial sector stakeholders an avenue to provide links to important climate data sources so that stakeholders may identify gaps in available resources, but it does not offer direct access to climate data.
In its press release, the NGFS stated the purpose of this request was to enhance the overall usefulness of the directory. The questionnaire requested feedback on the following:
the content contained in the directory, including stakeholder opinion on any potential data gaps, and
the format and functionality of the directory’s online interface.
Although this May 6, 2022 deadline for comment has passed, with the recent increase in conversation surrounding climate risk occurring in the financial sector, industry participants and stakeholders should consider the purposes of the NGFS and whether or not their organization would benefit from membership in the organization.