in many countries and regions. it is therefore important to strive for an early global understanding, before national choices become entrenched. to some extent, every country will choose its own path to decarbonise, depending on national circumstances. however, climate change knows no boundaries. tackling it is a global challenge that calls for strong international cooperation. with appropriate coordination, every country ’ s effort is reinforced by the actions of all the others. that is why the italian presidency of the g20 chose climate change as one of its key priorities, with a focus on data and disclosure in the finance track. we are also happy that unanimous agreement was reached at the latest meeting of fms and cbgs to upgrade the sustainable 1 / 2 bis central bankers'speeches finance study group to a working group. in order to start this roundtable with a clear picture of the available options, we asked the international energy agency to share their views on how the transition is evolving from a real economy perspective. this is important for identifying the right policies to achieve climate objectives, while at the same time ensuring energy security and affordability for all. it is particularly important in the context of today ’ s roundtable to clarify the role of the private sector. i am now pleased to introduce mechthild worsdorfer, director of the sustainability, technology and outlooks department of the international energy agency, as our keynote speaker today. ms worsdorfer will present the main results of the iea ’ s new flagship publication, ‘ net zero in 2050 : a roadmap for the global energy sector ’, which will be out tomorrow. i wish you all a very instructive and constructive discussion. ms worsdorfer, the floor is yours. 2 / 2 bis central bankers'speeches

benefits to both banks and their customers. banks with a greater ability to operate online have higher profitability on average, show improved revenue diversification and increased their share of the lending market. customers benefit from lower service costs – with charges on online accounts being 60 per cent of what they are for traditional accounts – as well as from easier access to banking services. ‘ the governor ’ s concluding remarks ’, banca d ’ italia, may 2024. see also ‘ the governor ’ s concluding remarks ’, banca d ’ italia, may 2024. in the new digital world, close cooperation between supervisory and resolution authorities and effective deposit insurance are even more crucial to avoid systemic crises and protect financial stability. the recent turmoil that occurred in the banking sector in the first quarter of 2023 in the us and in switzerland showed how quickly a risk of contagion can materialize in a digital world and how commercial banks are heavily dependent on a fickle base of depositors. the concentration of large deposits held by firms and individuals connected in virtual communities may contribute to synchronised deposit outflows and cause a massive flight of depositors. recent crisis episodes have tested assumptions about the appropriateness of the coverage threshold, stimulating discussions on a possible revision of the existing framework with a view to adapting it to changes in the social and economic systems and financial markets. one possible way forward could therefore be to raise the coverage threshold, also in line with the recent international debate. 11 in fact, observers with a say on these issues, including iadi, have pointed out the virtuous cycle between increasing the level of depositor protection and reducing the likelihood of bank runs. in our view, a higher insurance threshold would help to stabilize banks ’ funding, which tends to be more volatile in the new environment. the possible increase in contributions for the banking system would be more than offset by the increase in its stability and by the perception of greater safety among depositors and other creditors. 6. the eu ’ s three milestones : cmdi, edis and the digital euro coming back to the eu, let me underline three points. the review of the crisis management and deposit insurance ( cmdi ) framework in europe is underway. this project is a unique opportunity to address the shortcomings of the current regulatory landscape. the proposal published by the european commission in april 2023 introduces improvements but also contains weaknesses. 12 it is key that the prominent role of the dgss in the financial safety net