As financial and economic advisors to the Government, we are working with the Government to develop sustainable finance roadmaps that will mitigate risks of stranded assets if disorderly transition occurs. The Bank’s principles-based taxonomy was developed with this in mind. The taxonomy aims to facilitate the direction of financial flows to activities that support the transition to a low-carbon and climate resilient economy. It supports businesses in transition by recognising climate risk mitigation and adaptation efforts over time, while preserving the rigour of assessments by avoiding greenwashing. The taxonomy also encourages financial institutions to nurture and nudge businesses to 2/3  BIS central bankers' speeches  transition to greener practices. It helps improve development outcomes, and builds capacity within businesses themselves to better manage climate-related risks. To further support transition activities, the Bank has also established funds to assist SMEs in pivoting their businesses to be more sustainable in the post-pandemic world. This includes transitioning to greener activities. The Bank is looking to further expand these facilities with a greater focus on green activities that are aligned with the taxonomy going forward. The Bank also sees great value in pursuing a coordinated and regionally coherent financial sector response to the climate challenge. Within ASEAN, the Bank is working closely with central banks in the region through the ASEAN Taxonomy Board in the construction of a regional taxonomy that can provide a common language for sustainable finance in ASEAN and promote efficiency.

We have Professor Dani Rodrik of Harvard University as our keynote speaker on the topic of “The Disappointments of Financial Globalization”, followed by five leading international researchers, namely Dr. Claes Berg, Sveriges Riksbank; Professor Raghuram Rajan, University of Chicago; Professor Jose Antonio Ocampo, Columbia University; Dr. Arvind Subramanian, the Peterson Institute for International Economics; and Dr. Robert McCauley, Bank for International Settlements who will be presenting their in-depth studies over the next two days on broad range of issues, a part of which I have barely begun to touch upon. This symposium will also be rounded up by a panel discussion on “Financial Globalization in Emerging Market Economies” which should provide an interesting discussion on the implication of financial globalization and the current financial crisis from an emerging market perspective. Ladies and Gentlemen, I would like to conclude by saying that the recent developments in financial markets around the world will stimulate considerable review and analysis in the months and years to come. Across the globe, legislatures, regulators, financial supervisors are already hard at work trying to distill the lessons to be drawn from this experience and their implications for future policies. For the private sector, banks, credit-rating agencies, and the investment community are also trying their best in coping and adapting to these developments. For central banks, the implementation of monetary policy will certainly become a more challenging task as a result of the current financial turmoil.