notable that no small bank has become a large bank. 6 which brings me back to the next part of this journey – climbing the competitive and regulatory mountain safely – and the focus of my remarks today. scaling a mountain both ring - fencing and the lower barriers to entry that support effective competition help to create a diverse and more resilient banking system. but we recognise that their associated rules and requirements can create, at a minimum, a perception that they are complex to navigate, fragmented in design and, in the extreme, practically impossible to overcome. if you ’ re a small bank aspiring one day to be big enough to be ring - fenced, you need to know exactly what is expected of you as you climb that mountain and how the path in front of you might be ascendable, at least in principle. different parts of the climb will be more relevant to different banks at different stages of their journey, and indeed to different business models and sectors. new subsidiaries of international firms may be able to take a path well - trodden by their group, for example. ( when i say ‘ bank ’ i am of course speaking loosely as we regulate banks – both uk based and the uk operations of those based overseas – building societies and credit unions. ) whatever the firm, an important part of the financial sector ’ s resilience is its ability to grow safely, and to respond to and to recover from stress. to support that, the regulator needs to be clear in setting out what is expected so that each bank can make business plans for when things go well and contingency plans for when things go wrong. and banks need to be able to do so safe in the knowledge that the regulatory path up the mountain is clearly mapped out, and that there is a way back onto the path – or indeed off the mountain – should they stumble. the pra has authorised 50 new entities in total since its creation in 2013, including subsidiaries and branches of overseas banks and entities established as part of ring - fencing. seven awkward questions, 17 / 01 / 19 - https : / / www. bankofengland. co. uk / speech / 2019 / sam - woods - secondary - competition - objectivefive - years - on all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice that is the purpose of the consultation paper ( cp ) we ’ re launching today : we want to ensure there are

and action plans were introduced, while existing financing mechanisms were strengthened to support the uptake of green initiatives. as 2020 approaches, malaysia is committed to continue implementing its strategic long - term plans and green friendly policies. budget 2020 is reflective of this commitment, with the allocation of a matching fund of rm10 million towards a joint united nations sdg - government fund to co - finance sdg initiatives 2 / 5 bis central bankers'speeches in malaysia. while government funding is important to realise the sdgs, most of the investments would need to be sourced from the private sector. an annual target of rm350 billion from private investments by 2020 was identified in the national roadmap for the sdgs, in line with achieving the targets of the 11th malaysia plan. thus, financial institutions are expected to embark on new financing and investment opportunities towards sustainable projects and practices. there is a large financing gap needed to be filled to realise the sdgs in developing countries, which is estimated to be between usd 2. 5 – 3 trillion annually. one major sector to drive a green economy is renewable energy. projections provided by the sustainable energy development authority ( seda ) estimates that rm 33. 5 billion is needed by private sector financing to achieve the national target of 20 % installed capacity of renewable energy by 2025 in malaysia. beyond that, financing is needed for other important sectors such as education, healthcare, social entrepreneurship and food production to galvanize sustainable development. there is also a more prominent role for financial institutions to advocate for or provide advisory services to businesses in sustainability areas. for islamic finance, green sukuk issuances have served as a bridge between islamic finance and sustainable investment. however, more is required for islamic finance to have greater impact and this pursuit can be further enhanced with the vbi initiative. with this islamic financial institutions will be able to play an important role in supporting the 2030 government ’ s shared prosperity agenda. nevertheless this will not be without its challenges. balancing different priorities on the social, economic and environmental fronts is a delicate act, as these may seemingly pull in different directions. it is inevitable there will be issues and challenges that need to be addressed on the path to attaining sustainability goals. i would like to touch on three key challenges and share the bank ’ s views and strategies in responding to these and to further accelerate our journey. first, is the low level of awareness, understanding and appreciation of sustainability practices and what it entails among stakeholders. this has led to limited integration