to the centre of the policy agenda, making the climate challenge a cross - cutting priority across all of its activities. at the g20 level, we have been exploring the issues related to sustainable finance and climate change since 2016. the italian presidency has proposed to re - establish the sustainable finance study group which will take stock of the recent developments on sustainable finance and climate risks, with the ultimate goal of suggesting a ‘ sustainable ’ growth path. the urgency of the recovery could renew momentum and reshape our economic model around a low - carbon strategy : improving energy efficiency, deploying renewables and energy storage and developing carbon capture technologies. the works of the group under the italian presidency will mainly focus on improving the quality, availability and comparability of data to assess climate - related issues and, more generally, sustainability, financial risks, and opportunities. the group could also investigate the areas of future action to achieve the sustainable development agenda of the united nations, in particular access to modern forms of sustainable energy and natural capital conservation and restoration. the transition to a zero - emissions economy can be fostered by the financial system, given its key role in the allocation of resources. several analyses show that incorporating environmental, social and governance ( esg ) factors in investment strategies does not hamper their financial performance. the risk - adjusted returns to sustainable investment are indeed often higher than those achieved using traditional financial models. during the recent market turmoil, the preferences of financial investors for sustainable investments have proven resilient. another important venue to discuss all possible instruments to reach carbon neutrality, including ‘ climate cooperation ’, will be this year ’ s conference of the parties ( cop26 ), under the united nations framework convention on climate change. the coincidence of italy being president of the g20 and co - chair of the cop26 ( the other chair is the uk, which is president of the g7 ) may allow us to bring forward the climate change agenda on many fronts simultaneously, such as the involvement of the private sector in the financing of the green agenda. 8. the covid - 19 pandemic and the ensuing global health crisis have clearly highlighted the costs of extreme health emergencies. the risk of another pandemic is high. in 2018, in an article for the world health organisation ( who ), larry summers and two distinguished public health scholars wrote that : ‘ few doubt that major epidemics and pandemics will strike again and few would argue that the world is adequately prepared ’. 1 evidently, last

this two - day regional conference with our vision firmly focused on our long - term goal of universal access for children and youth to financial services. this event provides an opportunity that brings together knowledge, expertise and best practices from all across the europe and central asia that i am sure will prove useful for all of you here and will provide fruitful meetings, interesting sessions and most importantly – will make an impact. thank you very much! bis central bankers ’ speeches