Joint Letter to the NGFS: We need NGFS’ work and commitment to push for a green recovery

A joint letter from several financial and environmental organizations calling on the NGFS to prevent central banks from supporting high carbon emitters during the COVID-19 crisis. The authors argue that current liquidity measures risk returning to "business as usual" and propose specific actions, including the exclusion of polluting assets from collateral frameworks and quantitative easing programs, and the development of green and brown taxonomies to mitigate systemic climate-related financial risks.

• The authors argue that current financial measures taken by NGFS members risk supporting high carbon emitters and delaying climate action by focusing on market liquidity without distinguishing between economic actors.
• The letter requests that the NGFS publicly support the immediate inclusion of climate change-related criteria and fossil fuel exclusions within stimulus plans.
• The authors propose three specific sets of measures for the NGFS to promote: excluding polluting assets from collateral frameworks; steering quantitative easing away from coal and unconventional oil and gas (specifically for companies not aligned with a 1.5°C trajectory or failing to phase out coal by 2030 in the EU and 2040 globally); and protecting prudential progress on climate-related risks.
• To maintain financial stability and address systemic risks, the authors suggest the NGFS push for green and brown taxonomies, adjust Basel III capital buffers for climate risks, maintain climate stress-tests, and improve climate disclosure.

APA

Reclaim Finance (2020). Joint Letter to the NGFS: We need NGFS’ work and commitment to push for a green recovery. https://reclaimfinance.org/site/wp-content/uploads/2020/04/Joint-Letter-to-the-NGFS-10-04-2020-RF-PM-AT-IV-SP-SFL.pdf

Chicago

Reclaim Finance. Joint Letter to the NGFS: We need NGFS’ work and commitment to push for a green recovery. 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/04/Joint-Letter-to-the-NGFS-10-04-2020-RF-PM-AT-IV-SP-SFL.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Joint Letter to the NGFS: We need NGFS’ work and commitment to push for a green recovery |date=10 April 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/04/Joint-Letter-to-the-NGFS-10-04-2020-RF-PM-AT-IV-SP-SFL.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2020joint, author = {{Reclaim Finance}}, title = {{Joint Letter to the NGFS: We need NGFS’ work and commitment to push for a green recovery}}, publisher = {Reclaim Finance}, year = {2020}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/04/Joint-Letter-to-the-NGFS-10-04-2020-RF-PM-AT-IV-SP-SFL.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }