##sby ( 2021 ) : the future is maori 9 new zealand firms : reaching for the frontier 10 climate change commission ( 2021 ) : inaia tonu nei : a low emissions future for aotearoa 11 reserve bank responds to call for climate change consultation 12 our approach to climate change 13 network for greening the financial system ( 2021 ) : adapting central bank operations to a hotter world : reviewing some options 14 climate change, nz super fund 15 about mindful money 16 reserve bank of new zealand governor adrian orr says new zealand banks need to show courage by supporting banking services and remittances to the south pacific, interest. co. nz 17 statistics new zealand 18 migration and remittances data, the world bank 19 the fintech in personal finance, a speech delivered by assistant governor simone robbers at the singapore fintech festival on 13 november 2019. 5 / 5 bis central bankers'speeches

are marginally bankable. it is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. in short, it is about taking an ecosystem approach to solving a problem of the global commons. blended finance is not new but catalysing and scaling it requires a fresh approach. the use of public funds and development guarantees to reduce risks and encourage participation by private capital has been around for many decades. but such programmes are too few and too small. globally, annual flows of blended finance have averaged less than us $ 10 billion since 2015. we need a more systematic and coordinated approach to mainstream blended finance. first, we need to build a pipeline of shovel - ready transition projects. there is insufficient capacity and expertise to prepare projects that are attractive to the private 2 / 4 bis - central bankers'speeches sector. this is specially so in emerging markets, where regulatory and political risks heighten the likelihood of default, transaction lead times are long, projects require prohibitively large amounts of start - up capital, and there is limited access to expertise in project development and financing. second, we need to reduce the risks in marginally bankable transition projects to attract private capital. the return profile on many such projects is not commensurate with the risks facing private financiers or investors. to reduce overall risk and improve bankability, we need more catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources. such funding can be in the form of grants, risk - sharing arrangements, debt at below - market rates, technical assistance, and structuring advice. they can help crowd in additional multiples of private sector funding. but while public capital can potentially do more to mitigate risk, private capital must still bear a fair share of project risk and exercise the appropriate due diligence on project viability and performance. third, we need to make the financial ecosystem work more synergistically. banks play a key role as lead managers for financing sustainability projects. however, with limited balance sheets and regulatory capital and liquidity requirements, banks need to offload these loans to institutional investors who have more absorptive capacity. but institutional investors prefer larger deal sizes with a diversified pool of assets to reduce concentration risk. we need to shift towards a portfolio approach to blended finance deals, through the structuring and securitisation of typically illiquid green and transition assets. there are some promising global