How central banks help combat climate change: An interview with NGFS Chair Ravi Menon

In the last few years, central banks have played an increasing role in measuring the impacts of climate change on financial systems and economies. In 2017, a handful of central banks established the Network for Greening the Financial System, or NGFS. The network now has more than 100 members from around the globe working to manage and measure the risks climate change poses to financial stability. In this episode of the ESG Insider podcast, we speak with NGFS Chair Ravi Menon, who is also managing director of the Monetary Authority of Singapore, the central bank of Singapore. He talks about the work of the NGFS, the challenges of addressing physical risk and transition risk, and the role of central banks in combating climate change. "The challenge of climate change is so pervasive, you really need a whole-of-nation, whole-of-society response," he says. "Central banks, being a major part of that ecosystem, have an important role to play. But it is not a primary role. It can't be the key needle mover. It needs to work together with the rest of the government, the financial industry and other stakeholders in this effort." Listen to our episode about the climate stress test France's central bank conducted here: https://podcasts.apple.com/ie/podcast/heres-how-you-stress-test-for-climate-risk-according/id1475521006?i=1000525188660 We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall (lindsey.hall@spglobal.com) and Esther Whieldon (esther.whieldon@spglobal.com). Photo credit: Getty Images DISCLAIMER By accessing this Podcast, I acknowledge that S&P GLOBAL makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, S&P GLOBAL does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. The third party materials or content of any third party site referenced in this Podcast do not necessarily reflect the opinions, standards or policies of S&P GLOBAL. S&P GLOBAL assumes no responsibility or liability for the accuracy or completeness of the content contained in third party materials or on third party sites referenced in this Podcast or the compliance with applicable laws of such materials and/or links referenced herein. Moreover, S&P GLOBAL makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties. S&P GLOBAL EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST.