- added economy. increasing global importance of green technology against the backdrop of current climate and environmental concerns that are the consequence of unsustainable economic activities, green technology emerges as a winning proposition. green technology has strong potentials to stimulate economic growth while mitigating environmental degradation. national and international efforts to promote green technology as a new source of growth have intensified in recent years. there is a growing momentum in scaling up the green agenda on a global basis, with countries such as denmark, south korea, finland and germany already embarking on green technology movements in their respective countries. since 2007, the worldwide market for green technology has grown on an average of 12 % annually, and is now worth over eur2 trillion. by 2025, it is forecasted to double to eur4. 4 trillion. the global market for renewable energy namely wind, solar photovoltaic ( pv ) and biofuels has grown by more than 30 % in the recent few years and is estimated to reach nearly us $ 400 billion by 2021. economies that have bis central bankers ’ speeches strategically invested in the green technology sector are already reaping the benefits of the transition to green initiatives. germany, for example, has a green industry growing at an annual average of 12 % since 2007 and a global market share of 15 %. green technology companies contributed 11 % of its gdp and employing 1. 4 million workers. in the case of the solar energy sector, malaysia is now one of the top producers in pv manufacturing and this industry has generated direct foreign investment of over rm12 billion and created over 10, 000 skilled and well paid jobs. green technology offers specific solutions for pressing ecological and social challenges, and for this reason it is expected to continue to gain global importance. there are many forces that would drive the green technology industry into the future ; demographic change, urbanisation, globalisation, scarcity of resources and the challenge arising from climate change. these forces would inevitably transform society towards a green economy. its usage in traditional industries would promote the development of new technology and recast existing one. green technologies have also proven to drive modernisation in the traditional industries, in terms of better utilisation of energy and natural resources and could prove to be a strategic advantage in doing business. some have aptly compared the green revolution to the industrial revolution, an era that had profoundly changed our civilisation. just as the transformative 19th - century innovations changed businesses, so too will green technologies alter industries,

. see board of governors of the federal reserve system ( 2009 ), “ board announces availability of online credit card repayment calculator ”, press release, april 16. see board of governors of the federal reserve system, “ consumer information brochures ”, webpage. see board of governors of the federal reserve system ( 2010 ), “ federal reserve announces an online consumer guide to credit cards ”, press release, february 19. as for consumer protection, the federal reserve continues to demonstrate its commitment in this area. we have recently issued rules pertaining to mortgages, credit cards, student loans, and overdraft protection programs, among others. i should note that in recent years we have used extensive consumer testing, both to improve financial disclosures and to highlight practices that simply cannot be understood by consumers even with the best disclosures and thus must be prohibited. we ’ ve also stepped up our consumer protection supervision and enforcement, including at the nonbank subsidiaries of bank holding companies and foreign banking organizations. again, let me congratulate the foundation for organizing tomorrow ’ s financial literacy summit and for all the good work that it does. i would also like to recognize and congratulate the others honored this evening – john bryant, founder of operation hope ; the late jack kemp, who served as secretary of housing and urban development and as congressman of western new york ; and congresswoman sheila jackson lee of texas. it is wonderful to see so many individuals and organizations working toward the common goal of helping americans make the best choices for their financial futures. thank you again.