broadly, and like the other financial authorities represented here today, we recognise the value in sharing expertise and best practice to increase the rate at which firms, and indeed ourselves as regulators, move to embed more thoroughly climate - related financial risks into our risk assessment and mitigation. https : / / www. bankofengland. co. uk / prudential - regulation / letter / 2017 / general - insurance - stress - test - 2017 - feedback this included co - hosting a conference with tcfd in late 2017. for further details see : https : / / www. fsb - tcfd. org / event / tcfd - boeconference - climate - scenarios - financial - risk - strategic - planning / all speeches are available online at www. bankofengland. co. uk / speeches conclusion given this heavy agenda, it is encouraging that central banks and supervisors – from eight countries that together account for over a third of both global financial assets and carbon emissions – have come together to found the network for greening the financial system ( ngfs ) to take forward coordination. there are, however, limits to our roles. financial policymakers will not drive the transition to a lowcarbon economy. our efforts cannot substitute for those of governments who have direct responsibilities to deliver the policies to achieve their paris commitments. the good news is that governments are now establishing the policy frameworks, and the private sector is beginning to allocate capital accordingly. our efforts will help smooth the transition prompted by these actions. with better information and risk management as the foundations, a virtuous circle is being built with better understanding of tomorrow ’ s risks, better pricing for investors, better decisions by policymakers and a smooth transition to a low carbon economy. financing the transition to a low carbon economy is a major opportunity for investors and creditors. it implies a sweeping technological revolution, including investments in long - term infrastructure at roughly quadruple the current rate. as this event testifies, climate finance and risk management is moving into the mainstream. there has been a transition in thinking. and this is now beginning to be translated into action, and the ngfs will play an important role in this. all speeches are available online at www. bankofengland. co. uk / speeches

rundheersing bheenick : putting mauritius on the world ’ s islamic finance map address by mr rundheersing bheenick, governor of the bank of mauritius, at the official launching of hsbc amanah islamic banking mauritius, les guibies, pailles, 5 may 2009. * * * ladies and gentlemen a very good morning to you all. it is always a pleasure to do business with our friends from the hong kong and shanghai banking corporation. they know so well the business of business. hsbc – a reliable partner over the years the presence of hsbc in our local banking history traces its roots back to 1859 when the chartered mercantile bank of india, london and china established a branch in mauritius. the bank boasts therefore over 150 years of significant contribution to the economic development of the country. today hsbc, subsidiary and branch combined, ranks first in terms of assets, deposits and advances. hsbc has always adapted and evolved to meet new challenges in our financial sector. now it is helping us write a new chapter in the history of banking and finance in mauritius. we are pleased that hsbc amanah has included mauritius in its global strategy. hsbc, with its distinct hexagon logo, needs no introduction in our part of the world. it is indeed “ the world ’ s local bank ” as their slogan has it. as confucius said, “ a man who reviews the old so as to find out the new is qualified to teach others ”. as we search for solutions for the current global economic and financial crisis, it is well that we go back way beyond the days when our present, so - called, “ whizz - kids ” were born. that is the very ones that have now led so many bankers and the world into so much trouble. so we look now to our friends from hong kong who fuse together a sublime sense of history with a zest for the future to take us forward. in mauritius, we have tended to look to singapore for our benchmarks of performance. but lee kwan yew, celebrated doyen of development theory and practice, in fact saw hong kong as the standard - bearer of development for small states and for singapore itself. in his perceptive autobiography, “ from third world to first ”, he wrote “ i saw hong kong as a source of inspiration and of ideas …. before visiting hong kong i did not understand the importance of talent …. the yeast that transforms a society and makes it grow