carnegie, a few days ago its operations were taken over by the swedish national debt office, which granted a loan that replaces the liquidity assistance previously granted by the riksbank. financing assistance for companies another problem begging for a solution is the financing situation of non - financial companies. as the financial crisis escalated, the credit supply to these companies has also become more troublesome, which could have strong repercussions on economic activity. to alleviate these problems, the riksbank has temporarily offered banks the opportunity to borrow at three months against collateral comprising more commercial papers than usual. in practice this means that non - financial companies may obtain funds by issuing and selling certificates to the banks, which in turn use them as collateral for loans from the riksbank. this credit facility is also available through an auction, where the minimum rate is the current repo rate plus a premium. since it is mainly large companies that issue certificates, it is they that will benefit directly from the advantages of these facilities. but since banks can increase their liquidity by using the certificates to borrow from the riksbank, there is less risk of them cutting back on loans to small and medium - sized enterprises that are directly dependent on bank financing. the way ahead? when the dust after the crisis has settled, we face a major task. we must carefully analyse the crisis and determine the areas in which supervision, regulations, etc. need to be tightened up and in which areas the problems are best solved by players from the finance industry. crises create space and acceptance for necessary reforms. at the same time, extreme situations such as this always generate demands for extreme measures. careful deliberation is therefore important before implementing new regulations. it is all too easy to go too far and implement regulations that are too far - reaching and extensive. such regulations could control and conserve market structures for a long time to come or involve major costs that reduce efficiency. this crisis will need follow - up care. in conclusion let me briefly focus on a few issues that will probably need to be discussed carefully, both in sweden and on an international level. one lesson that can be drawn already is the need to develop and improve the rules for supervision and management of liquidity risks. more stringent demands for transparency in the financial sector will provide customers and investors with better opportunities to assess the risks associated with companies. similarly, transparency in the structured credit instruments should be improved so that their associated risks can be assessed. more effective trading with these products is

of an efficient and trusted carbon market. but there is a significant gap between data needs and data availability. the esg data acquisition process is often manual, tedious and costly. data verification is at a nascent stage. to build a credible esg data ecosystem, mas has launched a collaborative effort with the financial industry called project greenprint. project greenprint seeks to streamline the collection, access, and use of climate and sustainability data through four digital utilities : 3 / 4 bis - central bankers'speeches an esg registry of certifications an esg disclosure platform to facilitate reporting a digital marketplace to connect data users with esg solution providers a data orchestrator to aggregate esg data from multiple data sources globally, gfanz has formed the net zero data public utility to address issues such as data gaps, data accessibility, and data inconsistencies. it will complement existing climate data initiatives, promote the effective management of climate - related financial risks, facilitate robust sustainability reporting, and accelerate the formulation of credible transition plans. i have provided a quick overview of singapore's efforts in three key areas of transition financing - blended finance, carbon markets, and good - quality data. this afternoon, i will share some of the interesting and impactful work being done by the ngfs in the areas of blended finance, data, and capacity building. in all our efforts, i cannot emphasise enough the importance of collaboration and collective action. we have a common mission : to reduce global greenhouse gas emissions to net zero by 2050. but time is running out. we must act now, act fast, and act together. there has never been a greater opportunity for us to find common purpose, build solidarity, and ensure the sustainability of our planet and better lives for communities everywhere. thank you. 4 / 4 bis - central bankers'speeches