The Banco de Portugal publishes today, on the occasion of ‘Finance Day’ at the United Nations Climate Change Conference (COP 26), a pledge on climate action, reaffirming its commitment to taking part in the response to climate change within its mandate.

As part of this pledge, the Banco de Portugal sets out the commitments and measures to be undertaken in order to reach the climate targets agreed upon by the European Union and the Portuguese government. It also takes stock of the sustainability-oriented initiatives carried out thus far.

The Banco de Portugal’s Pledge on Climate Action, which can be consulted here, was written in the context of an initiative by the Network for Greening the Financial System (NGFS), a global network of central banks and financial supervisors whose main goal is to promote a more environmentally sustainable financial system. This network, of which the Banco de Portugal has been a member since 2018, currently has 100 members and 16 entities with observer status from all over the world.