. second, redemptions of bonds with a relatively high carbon impact. and third, we see that issuers of the bonds we hold are actively working to reduce their carbon footprint, with benefits for society at large. 3 / 4 bis - central bankers'speeches looking beyond 2024, the governing council is committed to considering ways to ensure the further decarbonisation of our corporate portfolios on a path that supports the paris agreement objectives, without prejudice to our price stability objective. we will continue to review our climate actions to ensure that they remain fit for purpose, focusing on the areas where the risks are greatest and our work contributes the most. conclusion let me now conclude. as we enter a new era of heightened geopolitical tensions and an unfolding climate crisis, we need to step up our efforts to make our economies more resilient. progress on the green transition, including to accelerate europe's energy independence, is essential as it will reduce the likelihood of higher and more volatile energy prices. deepening the capital markets union, reaching an agreement on a sound fiscal framework and addressing regulatory barriers are equally crucial to foster investment and speed up the development of renewables. the ecb will play its part, first and foremost by ensuring that inflation returns to our 2 % medium - term target. this is not the time to start declaring victory. we need to remain attentive to the different forces affecting inflation and firmly focused on our mandate of price stability. 1 base effects are the extent to which the change from one month to the next in the year - on - year rate of inflation can be explained by the " dropping out " from the price index of an atypical month - on - month change 12 months earlier. 2 hansen, j. e. et al. ( 2023 ), " global warming in the pipeline ", oxford open climate change, vol. 3, no 1, november. 3 for more information, see " climate change and the ecb " on the ecb's website. 4 for more information, see " climate change - related indicators " on the ecb's website. 5 ecb ( 2023 ), climate - related financial disclosures of the eurosystem's corporate sector holdings for monetary policy purposes, march. 4 / 4 bis - central bankers'speeches

work for every firm in every circumstance. that said, standardized metrics will help in assessing changes over time and across firms. the uk banking standards board ( bsb ), for example, provides one lens on assessing culture change for a broad crosssection of financial service firms operating in the u. k. 10 i believe diagnostic tools like this are an important part of the cultural assessment toolkit. moreover, firms and the official sector need to evaluate a wide range of behaviors, signals, and outcomes to draw the most robust conclusions about the depth and pace of culture reform. i think it is critical for both firms and the official sector to continue to experiment with new approaches to assessing culture change, to collect and build new forms of data and measurement, to develop qualitative assessments to complement quantitative ones, to use new techniques and technology to understand how a firm ’ s culture and conduct are changing, and to continue adapting and course correcting to a sustainable business strategy as the operating environment evolves. influence fostering productive behavioral change is at the heart of culture reform. behavior, in turn, is driven by a multifaceted set of factors including incentives, cues from peers, observations about leaders, and formal policies and procedures. most of us are not experts in human behavior, so i believe we should be open to incorporating lessons from behavioral economics and other social sciences into programs to mitigate conduct risk and promote cultural change. behavioral economics blends psychology and economics to provide insight into why individuals may behave in a certain way and make decisions that may not be in their own economic best interest. for example, individuals often make choices that provide immediate recognition or satisfaction — higher status within a peer group, for example — often at the cost of a potentially better financial outcome in the long term. this type of human behavior is at the core of the complexity of culture reform. lessons from the field have increased understanding of where decision - making can depart from economic expectations. sometimes, these lessons have been used to create circumstances and environments that positively influence individual outcomes by “ nudging ” individuals to better choices. 11 these nudges, in turn, help reinforce acceptable behavioral norms, and ultimately a firm ’ s culture. how can we nudge in order to reduce misconduct risk? more broadly, how can the financial services sector, including firms and supervisors, leverage insights from the social sciences to promote environments that foster healthy group behavioral patterns with better decision - making? technology the promise of new technology and big data for financial