Regulatory Alerts2026-03-11
San Marino Central Bank at NGFS Plenary in Pretoria: Attention to Financial Stability Risks in Coastal Countries Linked to Mediterranean Biodiversity Loss
The Central Bank of the Republic of San Marino participated in the NGFS Plenary in Pretoria, highlighting how Mediterranean biodiversity loss poses financial stability risks to coastal nations through asset devaluation and credit quality deterioration. The Bank proposed three work directions: enhancing analysis of marine biodiversity impacts, establishing government dialogue for prevention policies, and evaluating cooperation with regional organizations like the Union for the Mediterranean. This initiative aligns with the NGFS's peer-learning approach to developing analytical tools for emerging environmental risks within the financial system.
11 Mar 2026 1 min read
The Central Bank of the Republic of San Marino participated in person in the proceedings of the Plenary of the Network for Greening the Financial System (NGFS), held in Pretoria on 9 and 10 March, with a delegation composed of the President, Catia Tomasetti, and the Head of International Relations, Giuliano Battistini. The Network, which currently has 149 members among central banks and supervisory authorities, including BCSM since 2024, is an international network committed to strengthening the analysis and management of climate and environmental risks and promoting the contribution of the financial sector to the transition towards a sustainable economy.
During the proceedings, the Central Bank of San Marino drew attention to the issue of biodiversity loss in the Mediterranean Sea and the possible implications of this phenomenon for the financial stability of coastal countries. In particular, it was highlighted how environmental degradation, pollution, and the reduction of biodiversity could progressively translate into economic and financial vulnerabilities, with possible effects on asset values, credit quality, insurance exposure, and, more generally, on the resilience of the financial systems of coastal countries.
On this basis, within the framework of the European regional session, the Central Bank of San Marino proposed to initiate a reflection on three possible lines of work: strengthening the analysis of the effects of biodiversity loss in the Mediterranean Sea; identifying forms of dialogue with governments, in order to identify and strengthen prevention policies; evaluating possible forms of cooperation with other regional organizations, including the Union for the Mediterranean.
The proposal fits within the framework of the NGFS priorities and its approach based on peer-to-peer exchange, the exchange of experiences, and the development of analytical tools useful for capturing climate and environmental risks for financial stability.
The Central Bank of the Republic of San Marino confirms its commitment to actively contribute to the Network's work and to the development of greater analytical capacity on emerging environmental risks for the financial system.