decade organised a large number of conferences, workshops, seminars and round - table discussions, as well as a public consultation on climate and energy issues, ahead of the paris convention in 2015. furthermore, the bank of greece and the goulandris museum of natural history signed in 2018 a memorandum of cooperation for the design and the implementation of an educational programme for young students, based on the research work of the ccisc. by educating the youth we are empowering the next generation, the one that will be facing most of the impact of climate change, to act and address climate - related problems and to build a new sustainable society. this focus, in part, explains my presence here at the american college of greece, an educational institution that acknowledges the importance of climate change and is committed to develop a sustainability culture throughout its educational practices. today ’ s symposium, exploring how greece can tackle climate change, offers an opportunity for all, and especially for the students, to be exposed to a variety of actors on climate change issues, stakeholders and best practices. i would like to congratulate the organisers for taking this initiative and wish them the best of success. 1 the global risks report 2019, 14th edition, www3. weforum. org / docs / wef _ global _ risks _ report _ 2019. pdf world economic forum, 2 gdp contraction relative to base year gdp at constant 2008 prices. 3 ccisc ( 2011 ), the environmental, economic and social impacts of climate change in greece, bank of greece, pp. 453 – 457, available at : www. bankofgreece. gr / bogekdoseis / climatechange _ fullreport _ bm. pdf 4 τhe vulnerability analysis is included in ccisc ( 2015 ), national climate change adaptation strategy ( nccas ), pp. 7 - 13, available at : www. bankofgreece. gr / bogdocumenten / national _ adaptation _ strategy _ excerpts. pdf 5 ccisc ( 2011 ), the environmental, economic and social impacts of climate change in greece, bank of greece, pp. 453 – 457, available at : www. bankofgreece. gr / bogekdoseis / climatechange _ fullreport _ bm. pdf 6 carney, m., “ a transition in thinking and action ”, speech at the international climate risk conference for supervisors, de nederlandsche bank, amsterdam, 6

use of fossil fuels prohibitive. we need to mitigate climate change by rapidly and drastically reducing emissions, adopting appropriate energy management and high efficiency practices, financing green energy, fostering energy - saving investment and promoting a low - carbon economy. along these lines, the adoption of policies and technologies leading to a low - carbon greece, in the context of european policies for climate change, can accelerate a transformation of the greek economy that offers opportunities for economic activity. likewise, efficient adaptation programmes, necessary as a damage control measure that has been found to reduce the cost of climate change by almost 30 % 5, could provide a promising opportunity for greece to boost its growth performance and competitiveness, while implementing climate policies. in this process, there are certain transition risks arising from the adjustment to a low - carbon economy, for example potential stranded assets, business costs and disruptions. yet, a careful and timely transition will also open up opportunities, associated with the development of innovative and renewable energy products, investment in energy saving, new infrastructure and new jobs. the transformation of the economy towards decarbonisation cannot but have a positive net outcome, as long - term value creation is a matter of transition to a low - carbon economy and effective climate risk management6. since january 2019, the bank of greece has been a member of the network of central banks and supervisors for greening the financial system ( ngfs ) 7. the ngfs brings together central banks and supervisors and comprises 34 members and six observers with the common objective of strengthening the global response required to meet the goals of the paris agreement and enhancing the role of the financial system in managing risks and mobilising capital for green and low - carbon investments, in the broader context of environmentally sustainable development. the members of the network aspire to exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector and mobilise mainstream finance to support the transition to a sustainable economy. ngfs members acknowledge that climate - related risks8 are a source of financial risk. it is therefore within the mandates of central banks and supervisors to ensure that the financial system is resilient to these risks. this is why central banks further support transparency and the disclosure of data that will enable markets to lead the transition to a low - carbon economy so that, with the right information, they can price in the cost of doing business, the climate risk and, most importantly, evaluate new business opportunities. the proper assessment and supervision of the