fout! onbekende naam voor documenteigenschap. two issues to take on together european banking summit ‘ building a positive future for europe ’ brussels, 2 october 2019 at the end of the first day of the european banking federation ’ s banking summit in brussels, frank elderson gave a keynote speech. in his speech, mr. elderson highlighted two important topics that must be at the top of the agendas for the financial sector in the period ahead : combatting money laundering and greening the financial system. for both topics the financial community, and society at large, need to intervene collectively. fout! onbekende naam voor documenteigenschap. we are all here today, bankers, policymakers, supervisors and politicians alike, because we all share a common responsibility. it ’ s up to all of us to look to the future. to anticipate what this future may bring. and to make sure we prepare for it. i am sure the grandeur of your surroundings has not escaped your attention. our venue today, the magnificent steigenberger wiltcher ’ s hotel, was built over a century ago, in 1913. it was constructed in the late art nouveau style, as a grand hotel, and named after its founder, the anglo - belgian sydney - charles wiltcher. looking around you, you may be forgiven for thinking nothing here has ever changed. for over a hundred years. but no. this hotel became the wiltcher ’ s & carlton hotel, following a collaboration with the world - famous carlton. then in 1935, this building was converted into the offices of a belgian pharmaceutical company. in 1993 it was renovated, and reverted to a hotel. after that it was bought by the german steigenberger group. the hotel we are in now opened in 2015 after a two and a half year refurbishment. it is a building that has stood the test of time. and it is as impressive and as relevant today, as it was when it was built over a century ago. it was built to endure. and - with the necessary renovation - it will still be relevant in 50, 100, 200 years ’ time. but can we say the same about our financial system? will our financial system still be relevant, not only in 10, but in 50, 100, 200 years ’ time? we need a financial system that is resilient to shocks. we need a financial system that is receptive to

“ climate finance : towards carbon neutrality 2050 ” speech frank elderson at the one planet summit saturday december 12, 2020 merci monsieur le president for the invitation to speak today at the 5th anniversary of the paris agreement. dear honourable guests, governor villeroy spoke about what the ngfs has achieved in the three years since its inception. let me now say a few words on the way ahead. because, as you know, our job is far from finished. financial firms wield leverage over their clients and hence over the real economy. central banks and supervisors on their turn wield enormous leverage over their respective financial sectors. therefore, central banks and supervisors have double leverage. and the ngfs adds a triple layer of leverage : by pushing our now almost 80 member central banks and supervisors around the world into a paris agreement compatible exercise of their mandates. with great leverage comes great power and with great power comes great responsibility. we will continue to push as hard as we can on our triple lever. in the coming years, the ngfs will continue to provide a platform for its members to exchange experiences and best practices. constantly encouraging, supporting and propelling those behind to catch up with those at the forefront. we will focus on gaining a deeper understanding of how climate change and biodiversity loss affect our own balance sheets and the balance sheets of the financial institutions we supervise. this will boost the quality of the management of the financial risks caused by climate change and biodiversity loss. i say : climate change and biodiversity loss because it is high time to go beyond climate : the world cannot afford to focus on climate change for the next decades and then turn its attention to biodiversity loss. by then there will be no biodiversity left to save. and the financial risks caused by such loss will have manifested themselves much earlier. so what do we need? better and comparable data are imperative, as well as the further improvement of future - looking risk management tools such as stress testing based on climate and environmental scenario ’ s. we will also continue to practice what we preach by showing how central banks ’ reserves can be invested in more sustainable and responsible ways and we are looking further into how climate risks affect our monetary policy. yet we cannot do this alone. governments need to further develop taxonomies and clear transition paths, so that companies, households and financial firms know what to expect and can make better investment plans. standard - setters must set global reporting frameworks. financial and non - financial firms must improve their disclosures. crucially,