broader effort of the central bank community to enhance interoperability between different systems and schemes at the international level. the bank of greece is a warm supporter of such initiatives. and in what regards the payments environment in greece, it takes concrete actions, using the full potential of its different institutional roles – as policy maker, as system operator and as fiscal agent of the government. the bank of greece is keen, in that context, to make use of this particular momentum of a broader effort that is now unfolding to digitalize the functions of the greek public sector. historically, the bank of greece had the role of initiator for critical infrastructure projects in the financial sector, among which was the setting up the greek retail payment scheme. and today the central bank remains the main actor behind the particular scheme ’ s constant innovation and integration in the eu payments landscape. an important milestone, in this context, has been the adherence to target instant payments scheme ( tips ) at the end of 2021. another important milestone coming soon is the bank of greece ’ s launch of sepa - instant for government - related payments, whereby the central bank will become a tips participant on behalf of the government. the plan is to bring instant payments to the citizens ’ everyday interactions with public sector entities and will be established very soon. in a broader perspective, the bank of greece has recently adopted policies to embrace innovative projects and ideas, through its newly established innovation hub and the activation of a regulatory sandbox. the bank of greece has partnered also with other institutions ( such as the ebrd ) in the context of such initiatives, with the aim to support an ecosystem of new and innovative market players, primarily in payment - related areas and promote new areas of collaboration with the market. as regards the broader payment landscape and payment habits in greece, it is important to note that changes have taken place in the last 5 years : - a constantly strong move towards cashless payments – with card payments still dominant in that move ; - large increase in digitalization of financial transactions, with efficiency gains for all parties involved - introduction of innovative instruments and applications with new players in the market. greece ’ s infrastructure of extended point - of - sale networks, already in place for many years, has attracted strong market interest from the merchant acquiring business perspective. in that respect, several acquisitions have recently taken place and new institutions are being licensed and established. instant payments are also progressing in greece – though at a slower pace, as observed also elsewhere in europe.

keynote speech by yannis stournaras, governor of the bank of greece at the athens circular forum ii 31 / 05 / 2021 - speeches it is a great pleasure to be here with you today and have the opportunity to share my thoughts on climate neutrality, circularity and sustainable finance. economic growth has come at a growing cost to the environment. it is telling that humanity ’ s demand for ecological resources and services in a given year exceeds what earth can regenerate in that year, in fact we need more than 1. 5 planets to support our current consumption patterns. [ 1 ] sustainability is therefore highly relevant for our generation, as well as for generations to come, and redefining the concept of growth in a sustainability context will be crucial for our future path. under conditions of depletion of natural resources worldwide, a focus on more efficient use and minimisation of waste emerges as the only and urgent option. the model of a “ linear ” economy prevailing today ( sourcing – manufacturing – usage – disposal ), on which most economies since the industrial revolution have relied, is no longer sustainable. just like nature, which operates in a “ circular ” manner, business activities can become sustainable by switching from the “ linear ” model to a “ circular ” one. circular economy means that the value of products, materials and resources is maintained in the economy for as long as possible and waste generation is minimised. in changing the current extractive industrial model, the circular economy model aims to redefine growth and provide society - wide benefits by decoupling economic activity from the consumption of finite resources, by transitioning to renewable energy sources and by reducing the negative impacts of the linear economy. the development of circular business models will require innovation and structural change of production and consumption systems alongside technological change. for example, interventions on the supply side, such as eco - design and longer life cycles of products, as well as on the demand side, through a change in consumption and dietary patterns and a more efficient management of waste. this transition is expected to have a positive effect as the circular model builds economic, natural and social capital and represents a systemic shift that builds long - term resilience by generating business and economic opportunities, with environmental and societal benefits. according to unep, the transition to a circular economy could generate usd 4. 5 trillion [ 2 ] in annual economic output by 2030. financial institutions have a critical role to play, scaling up financing, accelerating the shift towards