The question is whether this tightening of the laws will be sufficient; the incentives for following the competition laws are still fairly weak. It is individuals (company managers, directors, owners) who prepare and make the decisions on limiting competition in contravention of the law, but the current legislation is fairly weak with regard to personal responsibility. In the USA, on the other hand, legislation is more stringent - the responsible decision-makers can be personally sentenced to high fines or to imprisonment. Perhaps we need to have the same principle in Sweden. The government has also said that if the proposed tightening of the competition laws does not prove sufficient, it may consider designating these matters a criminal offence. The existence of what is known as non-tariff trade barriers creates difficulties for import competition, which could otherwise have subdued prices. One example is the building materials market, where special national regulations and voluntary product standards make import competition difficult. Sometimes the endeavour to satisfy information and protection interests can lead to trade barriers that hamper competition. The requirement that chemical products such as washing powder and cleaning fluids (which are more than 90 per cent more expensive in Sweden than the EU average) must be 8  The Swedish Competition Authority, (2001), "Why are construction goods more expensive in Skåne and food cheaper in Western Sweden? ", Swedish Competition Authority's report series, no. 1. 9  The Swedish Competition Authority, (2001), "Can local authorities push down food prices? ", Swedish Competition Authority's report series no. 4.

In 2017, the TCFD published its recommendations in terms of reporting. These guidelines take into account the double materiality of climate matters: both the information on the exposure of the company to climate change, and the information on the impact of the company on climate must be considered significant. Nonetheless, more progress is necessary concerning climate disclosure. A first step is the shift from ‘voluntary’ to ‘mandatory’ reporting. On June 7, G7 nations came to an agreement to make climate-reporting mandatory in line with TCFD recommendations. Mandatory requirements have been enforced in the EU since 2014, and will be extended to a larger set of corporates when the Corporate sustainability reporting directive (CSRD) will enter into force (expected to apply as of October 2022). It will also be completed by the development of a comprehensive set of EU sustainability reporting standards. The first set of standards would be adopted by October 2022. We expect that the international standards to be developed by the International Sustainability Standards Board (ISSB) will ensure interoperability with regional standards and offer common building blocks across jurisdictions and sectors. ***** Let me conclude in highlighting that we are just at the starting point of what we can do with and what we draw from those scenario analyses. Further collective work is needed to improve them. I have no doubt that we will succeed in doing so. Financial institutions need to step up their  effort to combat climate changes.