International Engagement
In recognising that climate change is fundamentally a global issue, the Central Bank of Ireland supports international efforts to address it. As a member of the European Supervisory Authorities and the European System of Central Banks (which includes the European Central Bank), we support the significant role undertaken by those institutions to deliver a co-ordinated approach to climate change at both EU and international levels.
We also seek to play an active role in addressing climate and sustainability related issues through our participation in and/or membership of the following international groups or organisations:
- Network for Greening the Financial System (NGFS)
The NGFS is a group of central banks and supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilise mainstream finance to support the transition towards a sustainable economy. The NGFS was launched at the Paris One Planet Summit on 12 December 2017.
- Bank for International Settlements (BIS)
BIS is an international organisation that aims to support central banks’ pursuit of monetary and financial stability through cooperation, and to act as a bank for central banks. The BIS plays an active role in promoting the transition towards a sustainable global economy through analytical work and banking services, the projects of the BIS Innovation Hub, and the activities of BIS committees and hosted associations.
- International Association of Insurance Supervisors (IAIS)
IAIS is the international body for insurance supervisors. Climate change is a key theme in the IAIS strategic plan, and their work spans activities ranging from financial stability risk assessment, developing supervisory and supporting material and capacity building.
- International Organisation of Securities Commissions (IOSCO)
IOSCO is the international body that brings together the world's securities regulators and is recognised as the global standard-setter for the securities sector. IOSCO is increasingly focused on sustainable finance. As part of its work plan, IOSCO seeks to ensure that markets contribute positively to sustainability challenges, in a way that secures the integrity of financial markets and the protection of investors by developing good practices and identifying greenwashing.
- Sustainable Insurance Forum (SIF)
The SIF is a global network of insurance supervisors and regulators, who work together on sustainability challenges facing the insurance sector, including climate change. The SIF is a platform for regulators to share experiences from their jurisdiction, and work closely with the IAIS and other international partners, to share knowledge and identify best practices. In their 2021-2023 roadmap the SIF identified three areas of work; climate related risks and the insurability of assets, sustainability beyond climate, and climate risks in actuarial practices. The Central Bank has been a member of the SIF since 2018.
See also: