— but still challenging — transition to net zero by 2050 consistent with the uk ’ s legislated objective. 6 this test will mainstream cutting - edge risk management techniques, and it will make the heart of the global financial system more responsive to changes to both the climate and to government climate policies. as with climate disclosure, this new risk management needs to go global. that is one reason why the bank is developing its stress testing approach in consultation with industry, the credit rating agencies and the network for greening the financial system ( ngfs ) – a group of 29 central banks and supervisors representing half of global emissions. finally, returns. financial markets increasingly recognise that sustainable investment is the new horizon that can bring enormous opportunities ranging from transforming energy to reinventing protein. for sustainable investment to go truly mainstream, it needs to do more than exclude incorrigibly brown industries and finance new, deep green technologies. sustainable investing must catalyse and support all companies that are working to transition from brown to green. available at : https : / / www. bankofengland. co. uk / - / media / boe / files / prudentialregulation / supervisorystatement / 2019 / ss319. pdf? la = en & hash = 7ba9824bac5fb313f42c00889d4e3a6104881c44. the bank of england set out in its july 2019 fsr its intention to test the uk financial system ’ s resilience to the physical and transition risks of climate change. it will gather views on the design of the exercise and, as a first step, will publish a discussion paper in autumn 2019. more information available at : https : / / www. bankofengland. co. uk / - / media / boe / files / financial - stability - report / 2019 / july - 2019. pdf. all speeches are available online at www. bankofengland. co. uk / news / speeches such “ tilt ” investment strategies, which overweight high environmental, social and governance ( esg ) stocks, and “ momentum ” investment strategies, which focus on companies that have improved their esg rating, have outperformed global benchmarks for close to a decade. 7 the mainstreaming of such strategies and the tools to pursue them are essential. at present, one of the biggest hurdles to doing so is the inconsistent measurement of esg.

abu hassan alshari yahaya : smes and financial inclusion speech by mr abu hassan alshari yahaya, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the credit guarantee corporation malaysia berhad ( cgc ) sme awards 2018, kuala lumpur, 27 june 2018. * * * it is my pleasure to address you this evening at the sme awards hosted by credit guarantee corporation malaysia berhad ( cgc ). i would like to commend cgc for the continuous effort in championing the sme cause, and in recognising the banking and financial industry players that have made meaningful contribution in supporting the smes. as mentioned by dato ’ agil, ‘ digital disruption ’ has become the new normal not only for the banking and financial industry, but also for other sectors and industries. we have seen the fortunes of traditional businesses changing overnight with technological disruption. in fact, the financial industry may at times need to play catch up to ensure products and services are relevant in a new digital economy. we believe cgc will continue in its efforts to be agile and dynamic in embracing the higher expectations of meeting the financing needs of smes moving into the future. smes and financial inclusion in broad terms, financial inclusion means access to affordable financial products and services that meet the needs of individuals and businesses and that are delivered in a responsible and sustainable manner. at bank negara malaysia, we recognise the impact of financial inclusion on the broader economic performance of our country. financial inclusion facilitates productive financing and investments which generates income for the underserved, improves equality and contributes to sustainable growth. having an inclusive financial system is also important to ensure economic and social progress on the development agenda is achieved. therefore, cgc ’ s goal of ensuring access to financial services for smes via a fair and transparent marketplace for financial products and services, including extending credit that provides a pathway towards balanced economic growth and prosperity for all malaysians should be lauded. based on the economic census 2016 : profile of small and medium enterprises by the department of statistics, malaysia ( dosm ), smes in malaysia constituted 98. 5 % of the total business establishments. majority of the businesses were in services sector, mainly in wholesale & retail trade, followed by manufacturing, construction, agriculture and mining & quarrying. financial institutions are the major source of financing for smes. as at end - 2017, growth in financing to smes continues to be sustained above 5 %,