On climate, remember, past is not prologue. In the depressing spirit of Bayesian updating that the current climate change trajectory demands, when considering scenarios for 2019, that we include weather-related events that are more severe and clustered. To help firms improve their own testing, the Bank has been encouraging knowledge sharing on the 9  types of scenario analysis envisaged under the TCFD. This will allow firms to explore how 2°C and other transition scenarios might impact their strategy and financials. More broadly, and like the other financial authorities represented here today, we recognise the value in sharing expertise and best practice to increase the rate at which firms, and indeed ourselves as regulators, move to embed more thoroughly climate-related financial risks into our risk assessment and mitigation. 8  https://www.bankofengland.co.uk/prudential-regulation/letter/2017/general-insurance-stress-test-2017-feedback This included co-hosting a conference with TCFD in late 2017. For further details see: https://www.fsb-tcfd.org/event/tcfd-boeconference-climate-scenarios-financial-risk-strategic-planning/ 9  8  All speeches are available online at www.bankofengland.co.uk/speeches  8  Conclusion Given this heavy agenda, it is encouraging that central banks and supervisors – from eight countries that together account for over a third of both global financial assets and carbon emissions – have come together to found the Network for Greening the Financial System (NGFS) to take forward coordination. There are, however, limits to our roles. Financial policymakers will not drive the transition to a lowcarbon economy. Our efforts cannot substitute for those of governments who have direct responsibilities to deliver the policies to achieve their Paris commitments.

Also, the improvement of domestic consumption and investment are slow due to a cautious private sector’s confidence. Externally, Thai economy is affected by the current uneven recovery of global economy which hinders Thai export growth. However, Thai economy is expected to recover up to 3.8% GDP growth this year from a mere 0.8% last year. Private consumption and the government expenditures will play key roles for 2015 outlook. 4. On the bright side, Thailand has been riding on the back of China’s economic prosperity. In other words, the regional prospect has pinned on improvement in intraregional trades of goods and services. China’s economic figures may be somewhat lower than its historical average, as a result of the sluggish recovery of the global demand and the continued structural reform in China. However, China growth rate is still at a satisfactorily high level. And China has yet remained an important engine in support of the growth of the Thai export sector. For the past few years, Thailand has become one of the most popular destinations among Chinese tourists, thanks to popularity of the ‘Lost in Thailand’ movie. Each week, hundreds of flights between Thailand and China have been landed to accommodate the increasing interest of Chinese visitors. We value this considerably as it not only helps boost the tourism and services sector of the Thai economy, but also tightens our cultural connections. 5. As we all know, Chinese economy has become a necessary ingredient for our secret recipe for the past decade.