the economic development pattern and the people ’ s lifestyles will shift from heavy dependence on resources, which is unsustainable, to the everlasting upgrading of technology and innovation. and the concepts of innovative, coordinated, green, open and inclusive development will be implemented in the process. based on our understanding, we should take actions, and be more ratiaonal and brave. peaking carbon emissions and achieving carbon neutrality is an extensive and profound reform for our economy and society. we should rise up to the difficulties, set the target of carbon emission reduction in a scientific way as early as possible, make feasible plans to meet the target, and unveil regulated, specified, and practical measures for green development. the financial sector will go all out to serve the holistic goal of carbon emissions peak and carbon neutrality, put in place clear - cut and practical measures, support green and low - carbon economic transition, and be proactive in guarding against financial risks related to climate change. second, we should work towards the goal of peaking carbon emissions and achieving carbon neutrality in a holistic way. 1 / 4 bis central bankers'speeches as china faces tight schedules and heavy tasks in achieving carbon neutrality, we should have a holistic view in making the top - level design. there is a close relationship between emissions peaking and carbon neutrality, that is, the earlier the emissions peak, the sooner the neutrality comes ; and the higher the peak, the more difficult the neutrality. to reach emissions peak doesn ’ t mean to drive the peak high, but to change the ways of production and living as soon as possible. carbon emissions are unlikely to plummet after reaching the peak and a plateau period is anticipated. the overall costs of achieving carbon neutrality may vary drastically with the time of peaking, the level of peaking and the length of plateau periods. if we sever the connection between the two goals and fail to focus on the ultimate goal of achieving carbon neutrality from the very beginning, the transition period will be further shortened and the pressure and the unnecessary cost will be increased. therefore, it is necessary to make top - level design and promote national coordination based on a holistic, rational, and scientific understanding of the intrinsic connection between carbon emissions peak and carbon neutrality. we should make it a priority to promote green and low - carbon development of the energy sector, continue to improve the framework of green and low - carbon policies, and improve laws and regulations and standard systems. we should quicken our pace to chart out

of circumstance, which is discussed below. bis central bankers ’ speeches will occur with certainty if one conducts a specific policy ; it entails weighing the risks and probabilities of various scenarios against one another. in this case, the risk of a really poor development further ahead must be balanced against short - term costs. one is forced, so to speak, to pay an " insurance premium " in that a slightly less expansionary monetary policy in the short term leads to slightly lower inflation and slightly higher unemployment. a particularly difficult situation arises if a weak development of the real economy means that the short - term costs of conducting a less expansionary policy appear to be large at the same time as the risks linked to credit granting and the housing market increase. to summarise : in principle, there is no doubt that the riksbank according to its mandate may take into consideration risks linked to a rapid increase in household debt. such risks can constitute a threat to both the stability of the macro economy and inflation. to me, saying that the riksbank has no mandate to take these risks into account therefore appears rather odd. as the governor of the bank of england, mervyn king, has put it : “ monetary policy cannot just ‘ mop up ’ after a crisis. risks must be dealt with beforehand. i do not see this as inconsistent with inflation targeting because it is the stability of inflation over long periods, not year to year changes, which is crucial to economic success. ” 10 similar thoughts are expressed in the imf's article iv consultation for sweden : ” [ i ] f mortgage credit growth increases unsustainably, the riksbank might have to raise the interest rate path relative to that warranted by short - run macroeconomic considerations alone. ” 11 is it meaningful to consider risks linked to household debt in monetary policy? if one is thinking about giving consideration to risks linked to household debt when formulating monetary policy, it is reasonable to first take a stance on a number of specific questions. 12 does the repo rate have an effect on the variables one wishes to influence, housing prices and lending? how large are the risks linked to household debt? and finally, are there other tools at hand that are better - suited to managing these risks? the answers to these questions are important for determining whether it is justified taking the risks linked to household debt into account in monetary policy. it is also precisely these questions that have been discussed in the general debate on the role of monetary