The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) announced today the appointment of Monetary Authority of Singapore (MAS) Managing Director Ravi Menon as its new Chair, and Sabine Mauderer as Vice Chair. Ms. Mauderer is a Member of the Executive Board of the Deutsche Bundesbank. Both positions are for two year terms, beginning January 2022.

The NGFS was established in 2017, with the purpose of helping to strengthen the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system to manage risks and to mobilize capital for green and low-carbon investments in the broader context of environmentally sustainable development. Since its founding, the organization has grown from eight central banks and supervisors to more than 105 members and 16 observers across five continents.

Menon succeeds Frank Elderson, who has held the role of NGFS Chair since the inception of the coalition.

Elderson said:

“It has been a great honour and privilege to chair the NGFS from its infancy to the truly globally ground breaking and influential network that it has become, now covering almost the entire world economy and all tasks and responsibilities of central banks and supervisors. The new NGFS leadership will carry forward the urgent and vitally important work contributing to a Paris compatible financial system, building on the commitment to action by the NGFS membership.”

Menon has been Managing Director of MAS since 2011, previously serving as Singapore’s Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF). In his time at MAS, he has been involved in monetary policy, econometric forecasting, organisational development, banking regulation and liberalisation, and integrated supervision of complex financial institutions.

Menon said:

“We must strengthen the resilience of the financial system to the risks from climate change and scale up the financing needed to support the transition to a sustainable global economy. Under Frank Elderson’s outstanding leadership, the NGFS has helped to enhance our understanding of these risks and to set the pace for global efforts to green the financial system. I look forward to working closely with Sabine Mauderer to harness and accelerate the collective efforts of the NGFS towards achieving the goals set under the Paris Agreement.”

Mauderer has served at Deutsche Bundesbank as a Member of the Executive Board in 2018, with responsibilities including Markets and Human Resources. Prior to joining the central bank, Mauderer served as First Vice President: Director Strategic Investments/Supervisory Board & Management Board Office at KfW Banking Group.

Mauderer said:

“I will push forward the NGFS´s ambitious agenda and implement our Glasgow declaration. I am excited to be working alongside my colleague Ravi Menon.”

In addition to the new appointments, the NGFS also announced the addition of Banca d’Italia and Banco Central do Brasil to its Steering Committee.