about future developments, and growing debt service due to higher interest rates, ( ii ) the close link between the banking sector and the government sector, and ( iii ) the polarization of credit institutions by size. the slowdown in lending, which started in the second semester of 2022, was also due to the rise in financing costs amid the tightening of both monetary policy stance and 2 / 3 bis - central bankers'speeches credit standards. in the second quarter of 2022, banks tightened credit standards for loans to non - financial corporations and to households, and were expected to continue to do so in the third quarter of 2022. the prolonged energy crisis, the heightened geopolitical tensions and the mounting uncertainty about the economic outlook prompted banks to reassess the level of risk. in respect with challenges raised by climate change and energy efficiency, as of may 2022, the nbr started collecting information on green loans from banks. the data shows that, between may and september 2022, companies took out green loans totalling 976 million lei ( 0. 56 percent of the corporate loan portfolio ). the composition of these green loans was dominated by credit for green buildings ( 42 percent ), followed by loans for electricity and heating and cooling systems ( 24 percent ) and those for energy efficiency ( 13 percent ). last but not least, a word on economic growth. for 2022, the annual real gdp growth is estimated to reach about 5 percent, which is lower than the one recorded in 2021. for the past year, growth was driven by the substantial advance during the first part of last year. in 2023 domestic economic activity is projected to lose significant momentum, due to certain substantial adverse influences, as previously mentioned. a favourable contribution to economic growth is expected to come, particularly over the medium term, from european funds, including the next generation eu programme. with these in mind, i now invite vice - president pavlova to take the floor. afterwards, i wish you all fruitful discussions, stemming from the eib investment survey findings. thank you. 3 / 3 bis - central bankers'speeches

for their decisions through our voting. this year, for example, we have in six cases voted against the re - election of directors on the grounds of poor climate risk management. this may not sound much, but we will be working on making greater use of this tool in future. we have begun to publish our voting intentions five days in advance. this means that the way we vote attracts more attention. another option is filing shareholder proposals, on our own or with others. in the past year, we have supported 19 climate - related shareholder proposals. one led to a large multinational starting work on reporting its scope 3 emissions. we will also consider filing our own proposals in future. risk - based divestments a last resort, when our ownership activities do not have the desired result, is divestment. we will not automatically divest if active ownership fails, but it may be the outcome in some cases. norges bank can exit a company for financial reasons. this is what we refer to as risk - based divestment. these are companies that we believe are managing climate risk particularly poorly, resulting in increased financial risk. it is a matter of avoiding companies whose business models we do not consider sustainable. chart : more than half of divestments have been climate - related risk - based divestments are active investment decisions by norges bank and draw on the fund ’ s limit for deviation from the benchmark index. from 2012 to 2020, we made more than 300 such divestments, more than half of them related to climate change. we are ready to do more of this in future. as an extension of our risk - based divestments, we have also introduced systematic 4 / 6 bis central bankers'speeches assessments of new companies ’ sustainability risk before they are included in the fund ’ s benchmark index. the fund is managed close to the benchmark index. this means that risk - based divestments will generally only be an option for small companies. with larger companies, we have more limited room to manoeuvre, because divestments here would draw more on the limit for deviation from the benchmark index. the conduct - based climate criterion chart : responsible investment – a chain of tools this leads me to the other type of divestment available to us, namely exclusion on ethical grounds. the fund ’ s ethical guidelines contain both a product - based coal criterion and a conductbased climate criterion. the latter covers companies that are linked to severe environmental damage