credits generated from the verifiable reduction of emissions can improve the economic case for many transition projects. mas has published a working paper with mckinsey that outlines how highintegrity carbon credits can be generated from future emissions reduction due to the early retirement of coal - generated power and replacement with cleaner energy sources. such transition credits can potentially enable a broader market - driven financing mechanism and help to crowd - in private capital at scale. we will be sharing concrete initiatives on scaling these financing mechanisms and announcing new partnerships to take them forward. finally, resilience. with long coastlines and heavily populated low - lying areas, southeast asia is one of the world's most vulnerable regions to extreme weather and rising sea levels. singapore can play a useful role in pioneering and scaling urban solutions to build climate resilience. let me highlight some examples. to address rising temperatures, we have piloted the use of cool paint on flat facades to reduce the amount of heat they absorb in the day and emit at night. we are exploring the use of smart sensors to collect wind flow data for more robust environmental models which enables achieving cooler temperature with better ventilation. to address sea - level rise and heavy rainfall, we are strengthening local capabilities and expertise. we have set up a coastal protection and flood resilience institution ( cfi ) singapore. this is a multi - institutional and inter - disciplinary research centre to advance domain knowledge as well as explore innovative solutions. to address potential disruptions in food supplies due to climate change, we have taken steps to build a more sustainable and resilient agri - food system. for example, we have plans for a high - tech agri - food hub that can raise food production capacity to up to three times of current levels. this future hub will harness technology for efficient waste management and reduce water consumption by capturing rainwater for farming use. in short, the singapore pavilion aims to foster active partnerships across businesses, research institutes, civil society, youth groups, and government agencies. it aims to connect across countries and sectors to drive change and create impact. 3 / 4 bis - central bankers'speeches i invite you to be a part of this collaboration and wish you a fruitful experience at the singapore pavilion and at cop28. 4 / 4 bis - central bankers'speeches

- side risks, logistics problems and bottlenecks in production chains remain a significant risk as these issues may persist longer than we estimate today. the abovementioned problem of a limited availability of labour resources is another risk, which is becoming increasingly important. moreover, this problem may become even more serious. this is equally relevant for both the russian labour market and the constraints experienced by other economies. a decline in global demand due to a slowdown in the world economy may become a disinflationary risk. this may happen, for instance, in the case of a large - scale new wave of the pandemic, accompanied by extensive lockdowns in the majority of countries. another scenario where inflationary pressure might also weaken faster in the russian economy is a quick easing of the restrictions on foreign travel for both outbound tourism and the inflow of labour migrants. there is a number of factors, the potential impact of which is uncertain today. in the first place, these are the volumes and quality of the grain and vegetable harvest this year both in russia and worldwide. moreover, it is still uncertain how steady global inflation is and how fast and extensively other central banks will respond to it. winding up, i would like to comment on our future actions. we hold open the prospect of further key rate rises at the upcoming meetings. we will assess whether it is reasonable to increase the key rate, as well as how long the key rate should be maintained at the level achieved taking into account economic developments, inflation trends, and largely the balance of risks to future inflation, including those associated with persistently elevated inflation expectations. in addition to the baseline scenario, we also consider various other scenarios of potential developments in the russian and global economies. the three scenarios describing the key possible circumstances in the external environment were released last week in the monetary policy guidelines for the next three years. monetary policy will be able to bring inflation back to the target regardless of whether the baseline or an alternative scenario materialises. thank you all for your attention. 3 / 3 bis central bankers'speeches