Those interested in these debates can read the following book: Christophe Bonneuil and Jean-Baptiste Fressoz’s book “The shock of the Anthropocene: The Earth, History and Us”. x Crutzen, P.J. (2002). “Geology of mankind: The Anthropocene”. Nature 415: 23 xi See e.g. : Feynman, J., and Ruzmaikin, A. (2007). “Climate Stability and the Development of Agricultural Societies.” Climatic Change 84 (3–4): 295–311. https://doi.org/10.1007/s10584-007-92481 xii Steffen, W., Rockström, J., Richardson, K., Lenton, T.M., Folke, C., Liverman, D., Summerhayes, C.P., et al. (2018). “Trajectories of the Earth System in the Anthropocene.” Proceedings of the National Academy of Sciences of the United States of America 115 (33): 8252–59. https://doi.org/10.1073/pnas.1810141115. xiii Ripple, W.J, Wolf, C., Newsome, T.M., Barnard, P. Moomaw, P.R. (2019). “World Scientists’ Warning of a Climate Emergency.” BioScience. https://doi.org/10.1093/biosci/biz088. xiv Article 1 of the NGFS states the following: “Objectives of the Central Banks and Supervisors Network for Greening the Financial System The Central Banks and Supervisors Network for Greening the Financial System (NGFS) is a group of Central Banks and prudential supervisory authorities willing, on a voluntary basis, to exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector, and to mobilize mainstream finance to support the transition toward a sustainable economy”. xv See NGFS Statement: statement_on_nature_related_financial_risks_-_final.pdf (ngfs.net) xvi NGFS and INSPIRE (2021), Central banking and supervision in the biosphere: An agenda for action on biodiversity loss, financial risk and system stability. NGFS Occasional Paper. xvii van Toor, J., Piljic, D., Schellekens, G., van Oorschot, M., & Kok, M. (2020).

Page 6  Undertaking the assessments of access and operating hours is critical The reports encourage central banks and authorities to review the benefits, risks and barriers of expanding access and operating hours and set out a framework to do so. The report on access sets out a holistic framework that central banks and authorities can follow and by providing realworld examples and case studies of jurisdictions that have successfully expanded access. And the report on expanding operating hours encourages authorities to assess the three end-states and reviewing the opportunities, risks and policy implications for each of them. While the reports say “encourage”, I would really urge central banks to undertake such reviews – the more that change, the greater our ability to meet the FSB global targets. With building blocks 10 and 12 being foundational for the roadmap, undertaking the assessments and taking action to expand access and operating hours will also have a direct positive impact across many building blocks. The Bank of England’s Renewed RTGS service I want to bring this to life by outlining what the Bank of England will be doing in response to these two reports and how our RTGS Renewal Programme will support this work. [18] The Bank is in the process of a multi-year project to renew RTGS. While changing our domestic infrastructure, this Programme also has an eye to opportunities to enhance cross-border payments.