The International Maritime Organisation (IMO)has committed to reduce annual greenhouse gas emissions by 50% and emissions intensity by 70%, by 2050, compared to 2008 levels. Tighter global regulatory caps on ships’ sulphur oxide emissions took effect this year. MPA launched last year a Maritime Sustainability Reporting Guide3 , Singapore’s first such sector-specific guide. Green shipping and sustainability efforts are not only about meeting regulatory requirements – they offer good growth and job opportunities. We will need substantial R&D and investments to explore decarbonisation technologies in shipping. MPA is partnering the industry and institutes of higher learning (IHLs) to test-bed future fuels such as hydrogen power and biofuels. We are already seeing maritime firms and classification societies expand their testing, inspection, and certification services into green shipping and sustainability assessment. We can expect to see further growth and higher quality jobs in maritime services, increased use of drones and sensors, as well as augmented reality in futur Digitalisation can support sustainability efforts in the maritime industry. Digital technologies can help to improve end-to-end visibility and track the carbon footprint along entire supply chains. Better data collection can not only help maritime firms in their own sustainability reporting efforts, but also help optimise sustainability performance. 6/7  BIS central bankers' speeches  While decarbonisation will be a gradual process in the coming years, collective action accumulated over the coming decades can generate significant results. Conclusion Let me conclude. The COVID-19 pandemic has shown the world the importance of resilience.

Niklaus Blattner: The demographic challenge – macroeconomic perspectives Summary of a speech by Mr Niklaus Blattner, Vice-Chairman of the Governing Board of the Swiss National Bank, at the Conference "Die alternde Gesellschaft als sozio-ökonomische Herausforderung" (the aging society: a socio-economic challenge), University of Basel, Basel, 9 February 2007. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Demographic aging, i.e. the growing average age of the population, or the reversal of the age pyramid, is also a matter of concern for a central bank. Without a careful analysis of the long-term developments in the real economy, any monetary policy assessment, and consequently any inflation forecast, will be inadequate. In addition to the activities in the money and capital markets, the longterm growth outlook – and thus also the population perspectives – are factored into the Swiss National Bank's monetary policy assessment. The aging of the population is a fact. It is linked to three main trends, which will greatly influence Switzerland's demographic landscape in the decades to come: first, the economically active population will decrease, second, the old-age ratio, i.e. the ratio of people over 65 to those between 20 and 64 is on the rise, and third, longevity is increasing. In future, Switzerland will have to produce more with fewer resources. "Fewer resources" because the economically active population is declining, "produce more" because the old-age ratio is worsening and longevity increasing.