the participants as well as the judging panel for their hard work in making the competition such a success. let me finish by emphasising that the science is already very clear that carbon reduction has to happen much faster. to do so, technology is indispensable, and all of us here today have a role to play to bring about that change. i do hope that you will make the most of today's event to connect, exchange ideas, share knowledge and most importantly, begin to act. on this, perhaps we can borrow a line from the late professor stephen hawking, one of the greatest scientists of our time. he said, " climate change is one of the great dangers we face, and it's one we can prevent if we act now. " 4 six years have passed since he made that statement, so time is of the essence for actions to begin in a more meaningful manner. as the theme of this conference suggests, let's work together to accelerate the net - zero transition through technology. thank you very much! 1 https : / / climate. copernicus. eu / 2023 - track - be - hottest - year - ever - whats - next 2 / 3 bis - central bankers'speeches 2 https : / / press. un. org / en / 2023 / sgsm21730. doc. htm 3 https : / / www. unep. org / resources / emissions - gap - report - 2023 4 https : / / www. bbc. com / news / science - environment - 40461726 3 / 3 bis - central bankers'speeches

howard lee : opening remarks - project sela report launch conference opening remarks by mr howard lee, deputy chief executive of the hong kong monetary authority, at the project sela report launch conference, tel aviv, 12 september 2023. * * * andrew ( deputy governor of the bank of israel andrew abir ), benedicte ( head of the bank for international settlements ( bis ) innovation hub hong kong centre benedicte nolens ), ladies and gentlemen, good morning. opening firstly, i would like to extend a heartfelt thanks to the bank of israel for hosting this event and for their warm hospitality. we're in the conference center of the tel aviv stock exchange, and i must say, it is a privilege to announce the successful completion of the first joint research project between the hkma and the bank of israel from such an iconic venue in front of a high - profile audience. as you have already heard, the name " sela " was chosen to symbolise the collaborative efforts between the hkma and the bank of israel because, besides indicating an ancient israeli coin, it means " rock " in hebrew, thereby referring to the hkma's legacy in central bank digital currency research, which began in 2017 with project lionrock. for those of you who are not familiar with hong kong, the lionrock is the most recognisable mountain in hong kong. this mountain, as you can probably guess, is shaped like a lion. but it's neither its shape nor its height that made it famous, but the folklore over the past decades that today make it the symbol of the " can - do " spirit of hong kong and of its ability to turn complex challenges into opportunities for growth and development. after several months of enthusiastic collaboration and this visit, i can confidently say that this is the same spirit that i can find in this " start - up nation ". hkma's cbdc research besides having a relevant name, project sela also focused on a highly relevant subject for central banks : central bank digital currencies, or cbdcs. the research into cbdcs is a priority for many central banks worldwide, and for a good reason. the digitalisation of currency has the potential to revolutionise financial systems, redefine transaction processes, and even reshape economies. given these profound implications, at the hkma we have been extensively involved in cbdc research at both the wholesale and the retail level, in order to future - proof our