try to make their portfolios “ greener ”. so, we recently ran a pilot stocktake on a sample of banks to gather evidence on how they are approaching these challenges. we designed a qualitative questionnaire to evaluate how banks integrate climate risks into their strategy and their risk management framework. preliminary results show that, while many banks are already aware of the risks posed by climate change, much more needs to be done in this field. banks seem to have approached this topic from a corporate social responsibility perspective rather than from a risk management perspective. 1 / 3 bis central bankers'speeches some banks have asked for clear guidance from regulators, or for more information about best practices. others see business opportunities. for example, some are interested in financing clean energy or issuing green bonds. however, as i said before, the lack of common definitions and data makes it difficult to estimate the microprudential impact of these risks. it ’ s clear, then, that the ngfs and other fora for cooperation and knowledge - sharing will continue to play a key role. last but not least, the ecb has worked to foster sustainable investment in our own nonmonetary policy portfolios. for example, for the ecb pension fund, we have delegated proxy voting for equity investment to investment managers that have signed up to the united nations principles for responsible investment. with the help of our external asset managers, we are also looking to broaden the options for ecb staff to invest in sustainable financial products. in the near future, we should first of all clearly define the policy parameters of green finance and climate change risks for us as central bankers and supervisors. the challenges we face with regard to climate change can only be successfully solved if all stakeholders accept responsibility. central bankers and supervisors cannot replace the full range of political actions required to respond to climate change. for example, i would caution that any potential changes to regulatory or prudential frameworks must be justified from a prudential perspective. we should do our utmost to acknowledge, assess and act upon climate change - related risks within our mandate, but we should not be obliged, for example, to promote green finance by granting banks preferential capital treatment if this is not justified by the specific risks linked to green finance. second, we need to organise and coordinate the work of the different global groups in order not to overburden the financial industry with a myriad of different information - collecting exercises. the ngfs could play a key role in

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