The Central Bank of San Marino (CBSM) is pleased to formally announce its entry into the "Network for Greening the Financial System"(www.ngfs.net) as of November. The NGFS is an association of Central Banks and Supervisory Authorities dedicated to coordinating efforts to address climate change and promote sustainable development within their respective financial systems.
Founded in December 2017 during the "One Planet Summit" in Paris, the NGFS is headquartered at the Bank of France and has grown to include 144 members, including CBSM, as well as 21 observers.
By joining the NGFS, CBSM has expressed its intention to participate in the "Net Zero for Central Banks" workstream, one of the NGFS's specialized working groups. This group focuses on facilitating collaboration and sharing best practices among members on responsible and sustainable investment, reducing the carbon footprint of individual institutions, and increasing transparency around climate-related initiatives.
CBSM President Catia Tomasetti commented, "We are very proud of the recognition CBSM has received with the acceptance of our membership application to the NGFS. This achievement reflects the work done by the Bank since late 2023, when we began our membership journey. Participation in the NGFS will not only enhance our international relationships but also strengthen our commitment to pursuing eco- and socio-sustainable policies. In this way, the Central Bank aims to support and contribute to the ongoing efforts of the Republic of San Marino, which has shown its capacity to achieve excellence in the fight against climate change."