, where a phaseout transaction perversely encourages more coal power generation in order to later benefit from a potential coal phaseout plan. second, optimising meaningful outcomes across climate impact, financial viability and socio - economic considerations. there are several measures financial institutions can take to achieve this. one, prioritise projects that align with a science - based pathway that is consistent with timelines set by internationally recognised bodies ; two, ensure measures are in place to support access to secure, reliable, and affordable clean energy ; three, assess the programmes that are in place to mitigate adverse socioeconomic impacts, such as social cost assessments, stakeholder engagement, land repurposing plans, and worker and community transition plans ; and four, conduct a holistic financial viability assessment of the project including the cost of socio - economic support measures. the third and final step in the gfanz framework – provide transparency and accountability for coal phaseout plans in line with the gfanz net zero transition plan framework. this entails ensuring : an implementation strategy that is in line with net - zero objectives ; an engagement strategy that reaches relevant stakeholders ; metrics and targets that support disclosure and monitoring of progress ; and a governance structure to oversee and support the implementation of the plan. we hope that the gfanz guidance will serve as an important, ambitious and practical tool to help catalyse coal phaseout transactions in the coming years. we hope it will be useful for other regional initiatives to encourage coal phaseout, such as the asian development bank's energy transition mechanism and country - led platforms such as the just energy transition partnerships, or jetps, in indonesia and vietnam. the managed phaseout of coal cannot be achieved solely by the financial sector or through innovative financing structures. technology will play an important role. so will supportive government and regulatory policies, such as removing fossil fuel subsidies, implementing carbon pricing, setting emissions standards, extending social safety nets and worker re - training programmes. the managed phaseout of coal is not easy to do. it is a system - wide challenge that requires a system - wide approach – an approach that involves the public, private, and people sectors. but to achieve a just transition to net - zero, it is critical that we do this, and do this well and do this right. thank you very much, i wish you all the best for the summit ahead. 3 / 3 bis - central bankers'speeches

financial institutions and markets financing projects ranging from the sino - indian lunar complex to the pan - asean nuclear fusion reactors. bis central bankers ’ speeches during this period, regional integration and technological advances helped sustain gni growth of 2. 9 % per annum and gdp growth at 2. 6 % per annum, a remarkable performance given the maturing of the economy. but the period was not free of crisis. • the global cyber crisis of 2034 triggered the deepest recession in singapore ’ s history, with the economy contracting by 8. 5 % that year. • the resurgence of smallpox and resultant pandemic in 2039 plunged the global economy into a recession that lasted two years, not to mention the tragic toll on human lives. it remains till today the darkest period in our nation ’ s history. 2041 – 2065 : climate change mitigation and adaptation by 2040, climate change had become the defining issue facing the global economy, including singapore. it has been the key driver of the transformation of our economy over the last 25 years. as recently as 50 years ago, climate change was still a matter of debate internationally, although it was known that global surface temperatures had been rising since 1850. • but by 2020, it had been established firmly that man - made emissions of greenhouse gases were the dominant cause of global warming and that climate change on an existential scale was inevitable if urgent actions were not taken. • it took the global community another 10 years to reach an agreement on carbon emission reductions. the global climate change compact of 2030 – with subsequent reviews every ten years – was probably the most important international agreement in history. • by committing countries to significant absolute reductions in carbon emissions, it helped slow down and eventually arrest global warming, thereby forestalling calamitous changes in the climate. • but in some respects, the compact was too late. some degree of climate change and its effects could not be avoided, chief of which was a persistent rise in sea levels. adapting to climate change thus became as important a consideration as mitigating it. in 2041, the government announced a comprehensive programme to restructure the economy and reposition society for the new world emerging in the wake of climate change. the introduction of a carbon tax helped to reduce carbon intensity in economic activities, increase energy efficiency, and modify consumption patterns. by 2055, the green industry emerged as the largest contributor to singapore ’ s gross national income, covering a wide range of economic activities : • rec