Reserve Bank publishes climate change strategy and joins global network

The Reserve Bank today published a strategy focusing on how the Bank can contribute to efforts to mitigate the effects of climate change.

The Bank has also been welcomed as member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The Network was set up in December 2017 at the Paris ‘One Planet Summit’ to strengthen the global response required to meet the goals of the Paris agreement.

Reserve Bank Governor Adrian Orr says the Reserve Bank wants to contribute to the Government’s objective of a sustainable, productive and inclusive economy.

“Where possible, we want to facilitate a smooth transition to a low carbon economy while ensuring that this does not diminish or adversely impact the soundness and efficiency of the financial system,” Mr Orr says.

“The Bank’s climate change strategy includes monitoring and managing the Bank’s impact on climate, reflecting climate risks within our core functions, and contributing to wider efforts to identify, monitor and manage climate risks within our economy and financial system, and as part of the global central banking and regulatory community.”

Head of Department Financial System Policy and Analysis Toby Fiennes says the Reserve Bank is very proud to have been accepted as a member of the NGFS.

“Playing our part globally, and as a leader in the Pacific region, is important both in terms of reinforcing New Zealand’s reputation as a ‘good global citizen’, and in providing us access to the latest thinking around the globe,” Mr Fiennes says.

More information:

Reserve Bank and Climate Change

Reserve Bank Climate Change Strategy

NGFS 1st anniversary and announcement of five new members (PDF 217KB)

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