for greening the financial system ( ngfs ), aimed at scaling up green finance. climate change, including related risks that are not correctly priced by the markets, will also be considered in the ongoing european central bank ’ s ( ecb ) monetary policy strategy review. dear colleagues, to conclude, investment today is as important as ever. first, it can help repair, i. e. restore growth in the short - to - medium term. and second, it is needed to prepare for the long game. i therefore look forward to the upcoming discussions and presentations, including on the latest eib investment survey and its key findings for lithuania. thank you. 1 marco francini, moderator, head of regional eib groups office for the baltic states, european investment bank. 2 thomas ostros, vice - president of the eib. 3 / 3 bis central bankers'speeches

the eu average, uses these global shifts to its advantage. we need to attract foreign direct investment that could help us enhance our participation in the recalibrated value chains. we should focus on bringing in higher value - added activities, so that we could provide a strong impetus to the growth of labour productivity and, consequently, the potential output. second, digitalisation has also been greatly accelerated by the pandemic. restaurants and shops have digitalised their processes to offer delivery services. people have been working remotely for extended periods of time. we therefore need to invest in digital infrastructure, including 5g networks, to fully adjust to the new reality. digitalisation will also bring more automation and artificial intelligence, thus providing a boost to productivity. we should encourage this with our investment policies, including investment in human capital, so that the labour force can successfully participate in this brave new digital economy. here i see a connection with the third great force that will shape our future – climate change. investment in green technology can not only help reduce co2 emissions or bring about cheaper renewable energy. large - scale and ambitious green investment programmes can also help offset the negative effects of automation – the loss of jobs and growing regional inequalities. again, the next generation eu can become a good anchor for green investment. at least 37 % of expenditure in each national rrf plan must support climate objectives. however, green investment needs are even higher. under the european green deal strategy, the eu is committed to reduce greenhouse gas emissions by at least 55 % by 2030, compared to 1990 levels. it is estimated that the “ green investment gap ” – the additional investments necessary to achieve this target – amounts up to €300 billion per year. therefore, it is quite obvious that we will need to promote green investment on a national level as well. 2 / 3 bis central bankers'speeches one of the ways to do so is to provide more leeway for green investment in the european fiscal framework, the review of which is likely to resume in 2021. for instance, we could introduce a “ green clause ”, which would exclude growth - enhancing green investment from the overall deficit target. this issue is as relevant to lithuania as to any other member state, since the european commission considers us to be at risk of missing our 2030 climate targets. fostering a financial system that is financing climate - friendly investment will also be an increasingly important topic for central banks. last year, the bank of lithuania joined the network