Climate change is an existential threat to civilization and affects us all. Extreme weather events are on the rise and we need to adapt to the changing environment. This includes banks and the banking system as a whole. And as their supervisor we have therefore taken action. Your area banks have made some progress since we first clarified our expectations of them in 2020. And they are now more aware of the impact climate change can have on their business. And they are starting to realize that they need to collect and compile relevant data so that we can properly assess the risks and see what may have to be done. This is the good news. However, banks are far from where they need to be. Around 60% of banks do not yet have a climate risk stress testing framework. Similarly, most banks exclude climate risks from their credit risk models and just 20% consider climate risk as a variable when granting loans. These were some of the findings of our first ever climate risk stress test, which was an important learning exercise for the banks and for us. We looked at banks' ability to analyze, assess and respond to climate related and environmental stress. Proof of disability is as important as the numerical results of the test. Now, it is essential that banks step up their efforts to adequately measure and manage climate risks. Despite some progress, banks are still far from meeting our supervisory expectations. Preparing for climate risk is a marathon, not a sprint. There is still a long way to go and banks need to pick up the pace. There is no time to lose.