frank elderson : delivering on the glasgow declaration - actions by the european central bank on the road through sharm el - sheikh to a paris - compatible path panel contribution by mr frank elderson, member of the executive board of the european central bank and vice - chair of the supervisory board of the european central bank, at the euro - mediterranean economists association cop27 side event on " investing in and financing the acceleration of sustainable development in a net zero scenario ", sharm el - sheikh, 9 november 2022. * * * at cop26 a year ago, as the outgoing chair of the network for greening the financial system ( ngfs ), i presented the ngfs glasgow declaration entitled " committed to action ". with this declaration, the members of the ngfs – 100 central banks and supervisors at the time, and now 121 – reiterated their willingness to contribute to the global response required to meet the objectives of the paris agreement. and we made concrete commitments on what we will work on and deliver in the coming years, covering all the core activities of the network of central banks and supervisors. 1 i have since passed the baton of chairing the ngfs to ravi menon, managing director of the monetary authority of singapore. yet in my role as a member of the ecb's executive board and vice - chair of the supervisory board, i am part of an institution that is not taking the glasgow declaration lightly. quite the contrary : across all the ecb's tasks and responsibilities – including monetary policy, banking supervision, financial stability monitoring and all our operational duties – we have taken, and we continue to take, further action to incorporate the consequences of the ongoing climate and environmental crises into our work. in our monetary policy, for example, last month we started tilting our corporate bond purchases towards issuers with a better climate performance. and in our work as banking supervisors, we have continued to roll out what i previously described as an immersive approach to the supervision of climate - related and environmental risks. 2 an approach in which these risks are fully integrated into the day - to - day activities of our joint supervisory teams, who are in constant contact with banks. an approach in which climate - related and environmental risks come to form an integral part of our ongoing dialogue with supervised entities and our supervisory review and evaluation process, which ultimately affects banks'capital requirements. an encompassing and integrated approach that is not new to supervisors or banks, because it is one that we have been taking for years

the more committed to moving ahead with the energy transition following russia's horrific and unprovoked invasion of ukraine. to conclude, we call on regulators, supervisors, standard - setting bodies and financial institutions to join us in answering the question : " what distance do you still have to cover, within your mandate, to reach a pariscompatible transition path? " and then join us in taking action. join us in urgently taking all the steps necessary to ensure that our journey through sharm el - sheikh takes us to paris in time. thank you. 1 elderson, f. ( 2021 ), " the ngfs glasgow declaration – from a coalition of the willing to a coalition of the committed ", speech at the cop26 finance day presidency event on " a financial system for net zero ", 3 november. 2 elderson, f. ( 2022 ), " towards an immersive supervisory approach to the management of climate - related and environmental risks in the banking sector ", speech at the industry outreach on the thematic review on climate - related and environmental risks, 18 february. 2 / 2 bis - central bankers'speeches