the disaster on the year - on - year annual growth rate at the end of that quarter. in principle, one mitigating factor may be insurance, which in the past has helped support aggregate demand and hastened reconstruction following disasters, reducing the overall impact on economic activity ( chart 2, right panel ). in practice, however, there is already a substantial insurance “ protection gap ”. only one - third of climate - related economic losses in the euro area are currently insured, a situation that could worsen with climate change. more frequent and severe natural disasters are likely to increase insurance claims, which may result in higher insurance premiums and potentially lead to lower insurance coverage, further widening the protection gap. green finance as a driver of financial integration a substantial amount of finance will be needed for there to be a smooth transition to meet the ambitious goals for a carbon neutral economy. but we also need a robust financial system capable of maintaining the flow of credit even if asymmetric shocks happen or if the transition is a little bumpy. that brings me back once more to the importance of financial integration. progress has certainly been made in stepping up sustainable finance. since 2015, the assets under management of environmental, social and governance ( esg ) [ 7 ] funds have almost tripled, the volume of outstanding green bonds has risen tenfold, and the amount of catastrophe bonds has almost doubled ( chart 3, left panel ). chart 3 investments in esg funds sources : artemis, bloomberg finance l. p., emir data, epfr global, lipper and ecb calculations. notes : left panel : data on catastrophe bonds are copyright to www. artemis. bm, steve evans ltd. to avoid end - of - year effects, the outstanding amount of emission - related derivatives is the notional value of open positions reported under emir as at the end of november. 2015 values are not included due to data unavailability. see footnote 19 in alogoskoufis et al ( 20201 ), op. cit. for data limitations. the right panel shows the relationship between net flows as a share of a fund ’ s lagged total net assets and lagged fund returns. it is based on a sample of 1, 452 and 8, 337 nonesg fund shares, and 131 and 1, 017 esg shares, of corporate bond and equity funds domiciled in the euro area between january 2016 and september 2020. green funds are identified using text

njuguna ndung ’ u : combating money laundering and the financing of terrorism address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the cocktail to usher in the eastern and southern africa anti - money laundering group ( esaamlg ) 16th taskforce meeting of senior officials, mombasa, 18 august 2008. * * * mr. serwalo tumelo, permanent secretary, ministry of finance and development planning, botswana and chairman of the task force of senior officials ; permanent secretaries here present ; dr. eliawony kisanga, executive secretary, esaamlg ; representatives of co - operating nations and organisations ; members of the esaamlg taskforce of senior officials ; distinguished guests ; ladies and gentlemen : it is my joy and pleasure to be here this evening on the occasion of the official opening of the 16th esaamlg taskforce of senior officials meeting. i must start by extending a very warm welcome to all the delegates here present. it is indeed an honour for kenya to be hosting this important meeting. we appreciate the hosting of the esaamlg meeting in kenya even after the period of turbulence that we underwent at the beginning of the year. however, this is now behind us and we are back in business. as the swahili say, “ kuteleza sio kuanguka ” ( to slip is not to fall ). anti money laundering and combating the financing of terrorism are indeed current buzz words in the global financial circles. forums such as this therefore serve as useful avenues of sharing various country experiences. for the case of kenya, the timing of this meeting could not be more opportune. the proceeds of crime and anti - money laundering bill, 2008 is currently under consideration by our parliament. we remain cognisant that kenya ’ s vision of being a regional trade and financial services hub is founded on the enactment of an enabling legal and regulatory framework. a sound anti - money laundering legal and regulatory regime is therefore a critical plank to this aspiration. ladies and gentlemen : the region is vulnerable to money laundering particularly given its mainly cash based economies. this is further aggravated by porous borders and weak institutions for enforcements. though much has been done in the recent past by organizations such as esaamlg, more remains to be done. the challenges we face are multifaceted, but as the region has demonstrated through the support member countries have given to esa