evolve. keeping up as the treasury market has evolved, the public sector has had to evolve as well in order to keep up. many of the recommendations in the joint staff report have now been implemented. our colleagues at treasury, the securities and exchange commission, and finra deserve credit for the work to begin collecting treasury transaction data on finra ’ s trace system. my hope is that you will take away from my remarks, along with those of my colleagues from other agencies, a comprehensive picture of how all of the iawg agencies are using the data to work through the many issues that intersect with our various policy missions and mandates. as the market continues to innovate and the broader financial environment continues to shift, we will maintain our focus on the resilience of the treasury market specifically and the financial system more broadly. 12 in this regard, the staff at the federal reserve continues to work on important issues raised by the events of october flash events that have occurred in recent years include, but are not limited to, the first “ flash crash ” in u. s. equity markets on may 6, 2010 ; the treasury flash rally of october 15, 2014, the flash event in u. s. equity markets on august 24, 2015 ; the pound flash crash on october 7, 2016 ; and the turbulence in u. s. equity and vix markets on february 5, 2018. - 10 15, 2014. markets have been able to weather several episodes of short - lived market turbulence well in the past few years. but the fact that sharp market movements - - some on the order of seven or eight standard deviations outside the norm - - can occur even in the absence of clear news drivers remains a concern and highlights the potential risks to financial stability posed by the high - speed transmission of price and liquidity shocks across multiple markets and trading venues. the trace data now allow us to monitor events when equity and bond markets move sharply. for instance, take the turbulence in equity and bond markets on february 5, 2018. while trading volumes in both the electronic idb and dtc market segments were markedly higher than average, some metrics of liquidity, such as market depth near the top of the order book on major electronic idb platforms, deteriorated and remained low through the week. the pattern of a spike in trading volumes followed by a persistent decline in market depth has been characteristic of three recent market turmoil episodes : ( 1 ) the treasury flash rally on october 15, 2014 ; ( 2 )

instance, africa is abundant with renewable energy sources like solar, wind and hydro – ideal conditions for producing green hydrogen. this new partnership could be a win - win situation for both continents. it is a good starting point for germany to diversify. to tap this potential, stepping up investments in renewables is essential – in europe and elsewhere. 3 key role for the financial sector in financing the transition renewables have gained further momentum amid the energy crisis. in its recent world energy outlook, the international energy agency ( iea ( international energy agency ) ) said that the energy crisis has the potential to speed up the global energy transition. the iea ( international energy agency ) expects global investment in clean energies to rise to about 2 trillion us ( united states ) dollars per year by the end of the decade – that ’ s an increase of 50 percent compared to today. however, to limit global warming to 1. 5 degrees by 2050, twice that amount would be needed. [ 14 ] to meet these massive global investment needs it will be particularly important to mobilise private capital. in general, the right funding mix will be essential. banks alone cannot provide the necessary capital, partly because of the high capital requirements. i have just talked about new business partners. in this regard, it is important to note that developing economies and emerging markets are struggling to mobilise private climate financing. according to the imf ( international monetary fund ), investors often consider investments in climate projects in these countries to be too risky. the public and the private sector have to work hand in hand to overcome these challenges and to scale up green finance. the imf ( international monetary fund ) recently mapped out several ways for the public sector to take on parts of the investment risk through blended finance. one avenue for the public sector could be to take an equity position in climate projects. [ 16 ] this would make these projects more attractive to private investors. multilateral development banks – like the european investment bank – will play a major role in blending public and private finance to fund green energy projects. [ 17 ] in a nutshell : establishing mutually beneficial partnerships between europe and developing economies and emerging markets is an important factor for the green transition. last week, at the un ( united nations ) climate change conference cop27 ( conference of the parties ), the european investment fund, europe ’ s largest provider of risk finance, committed nearly 250 million euro with five equity funds to back up to 2. 5 billion euro of climate