a few recent and important steps forward in europe and in france. the eurosystem is now incorporating climate change into the ecb's monetary policy operations, as announced by president christine lagarde in early july. when it comes to its non - monetary policy portfolios, after achieving the 2°c objective, the banque de france will now align them with the 1. 5°c objective, starting with european equities by end - 2023, and completely by end - 2025. as supervisors, the french acpr conducted the first pilot stress tests dedicated to climate risks in 2021, followed by the ecb in 2022. many jurisdictions ( 36 at this stage, including japan ) have followed, or are following the same road. the release last summer of six updated ngfs ( v ) macrofinancial scenarios will allow for enhanced assessments. this network, based in the banque de france with an asian chair, ravi menon of mas, now has more than 120 members. we are very happy to count the bank of japan and the japanese fsa among them. c. raising stakes for standard setting and supervisory requirements appropriate disclosure is obviously of the essence to foster sound and trustworthy green finance. europe has been a pioneer in drafting standards. since then, the newly born issb ( vi ) has published two draft standards on general disclosure requirements and climate - related disclosures, and the us sec ( vii ) has published a proposal on climaterelated requirements, which would – if adopted – gradually come into force between 2024 and 2026. these initiatives are obviously welcome : climate change is a global topic. and we cannot, even if we wanted it, have a single standard. but we collectively have to ensure that these standards are interoperable : as a bottom line, when an entity complies with a set of requirements from any jurisdiction, it should mean that it also complies with the global baseline provided by the issb. none of the major sets of norms are carved in 3 / 4 bis - central bankers'speeches stone ; the efrag and issb are fortunately working hard towards convergence, and making strong and quick progress. as a complement to stress tests, relying on robust transition plans from banks and insurers is the best way forward. it would allow for a dynamic, holistic and risk - based approach, which in my view is far preferable to static and not risk - based greensupporting and brown -

amando m tetangco, jr : sustaining partnerships in a year of challenges speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the annual reception for the banking community, manila, 16 january 2009. * * * members of the judicial, legislative, and executive branches of government ; leaders of the philippine banking community ; special guests from the diplomatic community, the private sector, the academe, and the media ; fellow central bankers ; ladies and gentlemen, a pleasant good evening to all of you. on behalf of the monetary board, i thank you all for taking the time to join us tonight for our traditional reception for the banking community. that we are celebrating 60 years of central banking in the philippines in 2009, makes this reception doubly meaningful. we are happy therefore that we have with us tonight former deputy governors and members of the monetary board ; two former governors under the central bank of the philippines – governor jaime laya and governor jose cuisia, jr. ; and one former governor of the bangko sentral ng pilipinas – governor gabriel singson. ladies and gentlemen, let us acknowledge all central bankers – past and present – on this 60 - year milestone with a round of applause. we have 60 years of central banking behind us and we move forward to the future with confidence having learned many lessons along the way. we therefore look forward to more opportunities for us to shape a better future for ourselves, our families, our communities, and our country through sound and responsive monetary and banking policies. take the year just past, for instance. no doubt about it, 2008 was challenging given the difficulties we had to face. but it was also the same difficulties that allowed us to confirm.. that our collective reform efforts have put our financial system in better shape. indeed the irony of financial markets is that crises invariably occur despite the best intentions ; yet, it is in facing the next challenge in relative strength that we can truly say we have learned from the past. ladies and gentlemen, we are fully cognizant of the difficulties that the current global financial crisis has created and the spillover effects that it would certainly generate. our continuing efforts to clean up our domestic banking system and root out malpractices that particularly victimize the most vulnerable customers and our financial safety nets may also be creating short - term anxiety alongside global turmoil. but i stand before you tonight