transition strategies. 1 / 4 bis - central bankers'speeches effective transition is about greening the entire economy not just growing the green economy. investing in green technologies and renewable energy is important. but such pure green activities are estimated to make up less than 8 % of the global economy. to move the needle towards net zero, we must progressively decarbonise across all sectors of the economy, including hard - to - abate ones like steel, cement, and maritime transport. this means green finance alone is not enough. the world needs transition finance – to provide the funding support for businesses and sectors that are not so green, to adopt cleaner technologies, increase energy efficiency, and become greener over time. inclusive transition is about decarbonising without compromising social and economic development. hundreds of millions of people across asia, africa, and latin america still do not have access to electricity, modern sanitation, and drinking water. economic development will drive demand for fossil fuels, which is still the cheapest way to generate electricity and power mobility in many parts of the world. the switch to cleaner energy cannot be made in one leap. we need to shift the energy mix progressively, first to relatively less emissions - intensive fuels like natural gas, and then to renewables. finance can be a powerful enabler for such a transition. second, asia – this is where the battle against climate change will be won or lost. asia accounts for half of the world's greenhouse gas emissions and is home to about 60 % of the global population. the issues of transition are most acute in asia, with growing affluence and rapid urbanisation alongside the urgent needs of poverty alleviation. about 85 % of the energy consumed in asia comes from fossil fuels and asia's demand for energy is projected to double in 2030. asia is also most vulnerable to climate change, with large populations living close to locations prone to drought, floods, and rising sea levels. finally, asia is diverse – across stages of economic development, and across a variety of climate related risks and transition challenges. if we can successfully help asia transition to net zero, it will go a long way in getting the world to net zero. third, collaboration – effective transition finance needs close partnership among the public, private, and people sectors. this will be the focus of our conference – scaling blended finance to accelerate the net - zero transition. blended finance synergises public and private capital to mobilise financing for projects that

management will be an increasing priority for asia. the interconnectedness of natural catastrophe risk management calls for going beyond borders ; and across stakeholders, both government and industry, to coordinate holistic strategies and manage natural catastrophe risks in a sustainable manner. 16. the icrm annual symposium serves as a unique opportunity for various stakeholders to come together to discuss challenges, and chart the course for natural catastrophe risk management in asia going forward. i understand that there is a line - up of interesting presentations covering very pertinent topics such as post - disaster impact analysis “ source : ‘ ifc partners with maipark to provide earthquake - index insurance for indonesian banks ’ ”, can newswire, 1 october 2013. bis central bankers ’ speeches experiences and the types of catastrophe risk transfer and financing solutions, over the next 2 days. 17. on this note, i wish you a productive and memorable time at this symposium and in singapore. thank you. bis central bankers ’ speeches