website of the bank for international settlements www. bis. org / list / cbspeeches /. 5 see claudia m. buch and benjamin weigert, “ climate change and financial stability : contributions to the debate ”, july 5, 2021 www. bundesbank. de / content / 869058. 6 see g30 ( 2020 ). mainstreaming the transition to a net - zero economy, group of thirty report. washington dc. 7 see www. bundesbank. de / de / bundesbank / green - finance / network - for - greening - the - financial - system - 805112. 8 see www. fsb. org / 2021 / 01 / fsb - work - programme - for - 2021 /. 9 ostrom ( 1990 ) identified design principles of common pool resource management, which balance monitoring, sanctions, and conflict resolution mechanisms, with clearly assigned roles of different regional institutions. ( ostrom, elinor ( 1990 ). governing the commons : the evolution of institutions for collective action. cambridge, uk : cambridge university press. ) 3 / 3 bis central bankers'speeches

such as non - linearities, sectoral adjustments, and tipping points. to enhance transparency by creating disclosure standards, closing data gaps, and building platforms for data. by making disclosure standards mandatory for their own policies, central banks can be important catalysts for change on financial markets. to enhance financial sector resilience and to account for climate - related risks and uncertainties. central banks are engaged in many international fora that have made climate change a top priority, including the network for greening of the financial system ( ngfs ) 7 and the financial stability board ( fsb ). 8 this work will be discussed in greater detail at our next panel on october 5 on “ sustainable finance ”. so please stay tuned! clearly, climate change is a global challenge that requires international coordination. greenhouse gas emissions do not stop at national borders, and international trade accounts for a significant share of global emissions. use and protection of the global commons needs appropriate pricing and enforcement mechanisms. 9 addressing climate change is thus a top priority for both the uk presidency of the g7 and the italian g20 presidency in 2021. with the green deal, the eu has set a broad economic agenda which aims to ensure climate neutrality by 2050. yet international treaties lack enforcement provisions. the parties to the paris agreement have formulated goals, but no sanction mechanism is in place. policy action remains largely voluntary. nationally determined contributions ( ndcs ) are useful – but have proven insufficient to achieve 2 / 3 bis central bankers'speeches the objectives of the paris agreement. at this point, let me introduce and hand over to our speakers on today ’ s panel. the panel takes stock of where we are in terms of global climate policies, and it discusses the way forward. we are very much looking forward to the discussion – and to engaging in continued dialogue! 1 you can watch the video here ( only available in german ) : www. youtube. com / watch? v = 2qwcx63phy4. 2 see king, mervyn ( 1995 ). commentary : monetary policy implications of greater fiscal discipline, proceedings. in : budgetdeficits and debt : issues and options. edited by federal reserve bank of kansas city. jackson hole : 171 – 183. 3 see www. bankofengland. co. uk / speech / 2015 / breaking - the - tragedy - of - the - horizon - climate - change - and - financial - stability. 4 see the repository of central bank speeches on the