Skopje, 3 November 2021 (MIA) - The Network for Greening the Financial System, which North Macedonia's National Bank is a member of, released on Wednesday a joint declaration on green finance, the NGFS Glasgow Declaration. "On the occasion of the 2021 United Nations Climate Change Conference (COP26), we reiterate our willingness to contribute to the global response required to meet the objectives of the Paris Agreement, and, to that end, we will expand and strengthen our collective efforts towards greening the financial system,” reads the Glasgow Declaration supported by the National Bank. The Declaration also says that following its Call for Action report, the NGFS has developed a broad set of analyses and practical tools to share knowledge and best practices, notably in the fields of prudential supervision, climate scenario analysis, responsible investment etc. The National Bank, as an NGFS member, has developed its own action plan, with specific activities within its jurisdiction. These commitments have already been set out in the National Bank's 2022-2024 Strategic Plan, which for the first time considers the Rising of climate change awareness and contribution to a sustainable green economy as a specific strategic goal. “Moreover, research will be conducted on climate change and associated risks to better understand their impact on the domestic economy; the possibility of assessing the impact of climate change on the banking sector will be considered by conducting climate scenarios analysis and stress tests of the banking sector; and a survey will be conducted among banks to obtain data and information to help analyze banking sector vulnerabilities arising from climate change risks,” the National Bank said in a press release. The National Bank, read the release, will review and assess prospects for building a green bonds portfolio, by investing in financial instruments that support projects with positive impact on the environment while ensuring competitive financial returns. Early this year, the National Bank became a member of the International Network for Greening the Financial System, which currently has 100 members and 16 observers from among central banks and supervisory authorities around the world. This makes North Macedonia's central bank one of those who share clear and strong vision and commitment to the management of financial sector risks arising from climate change. The main goal of the NGFS is for members to voluntarily share experiences and best practices. The NGFS Glasgow Declaration is available at: https://www.ngfs.net/sites/default/files/medias/documents/ngfsglasgowdeclaration.pdf