Frank Elderson: Climate finance - towards carbon neutrality 2050

Speech by Mr Frank Elderson, Executive Director of Supervision of the Netherlands Bank, One Planet Summit, Paris, 12 December 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

At the 5th anniversary of the Paris Agreement, Frank Elderson spoke at the One Planet Summit about the promise governments from nearly 200 countries made five years ago: to keep the earth safe and inhabitable for future generations.

***

Merci monsieur le president for the invitation to speak today at the 5th anniversary of the Paris Agreement. Dear honourable guests,

Governor Villeroy spoke about what the NGFS has achieved in the three years since its inception. Let me now say a few words on the way ahead.

Because, as you know, our job is far from finished.

Financial firms wield leverage over their clients and hence over the real economy.

Central banks and supervisors on their turn wield enormous leverage over their respective financial sectors.

Therefore, central banks and supervisors have double leverage.

And the NGFS adds a triple layer of leverage:

by pushing our now almost 80 member central banks and supervisors around the world into a Paris Agreement compatible exercise of their mandates.