with global solutions. given this need for a co - ordinated response, a significant element of the bank ’ s work has involved engaging with other financial regulators and central banks - both with our fellow regulators here in uk, and also internationally, to help raise awareness of climate - related issues. all speeches are available online at www. bankofengland. co. uk / speeches the pra is a founding member of the sustainable insurance forum, a network of around twenty insurance regulators from around the world who are sharing knowledge and best practice on how to consider climate risk in insurance supervision. the bank, as many of you know, has also co - chaired since 2016 the g20 green finance study group on behalf of the united kingdom, with our colleagues at people ’ s bank of china. we continue to do so under argentina ’ s presidency, the group now being the g20 ’ s sustainable finance study group. and most recently, the bank has become a founding member of the central bank and supervisors network for greening the financial system. conclusion we are part way through a transition in thinking where climate change is moving from being a social responsibility issue to being a core financial risk at the heart of how companies manage their business. it is these financial risks that create the link from climate change to the bank of england ’ s mandate - given our core responsibilities to ensure the safety and soundness of banks and insurers and our responsibility to support a stable financial system. it ’ s clear to me that many different actors - companies, investors, financiers, climate scientists, governments, financial policy makers - have a part to play, given their mandates and specialisms, to support this transition in thinking. and it is also clear that that transition in thinking needs to lead soon to transition in action, if we are to reduce these financial risks in a timely manner and so avoid a late and abrupt transition to the low carbon economy to which governments have committed. to make this happen, we need to learn by doing, to identify decision - useful information that will support the necessary transition ; and we need to identify the barriers to the mainstreaming of green finance so that the transition can be financed in practice. it ’ s a tough ask that gets more pressing by the day. the prize could not be more important. we must keep up the good work. https : / / www. banque - france. fr / en / financial - stability / international - role / network - greening -

##fma ( 2017 ) “ 2017 fact book ” ; and climate bonds initiative ( 2017 ) “ bonds and climate change, the state of the market 2017 ”. based on oecd ( 2016 ), “ a quantitative framework for analysing potential bond contributions in a low - carbon transition ”. climate bonds initiative and unep inquiry into the design of a sustainable financial system ( 2015 ) “ scaling up green bond markets for sustainable development ”. all speeches are available online at www. bankofengland. co. uk / speeches such a shift is in its infancy and is an area where further research and collaboration is needed to support progress. experts and financiers in the city and china have a role to play here. the work being done by the taskforce in its pilot is to be commended. mobilising private capital today is essential. almost two thirds of required financing will need to be directed at sustainable projects in developing countries. governments alone will not be able to meet this challenge. yet it is not obvious that private investors will naturally fill that gap. for instance, debt instruments issued by emerging market firms often do not fall within the mandate of advanced market investors due to a missing, or too low, credit rating. it is in this context that bilateral partnerships such as the uk - china taskforce are so important in accelerating progress. i commend the work of the taskforce in tackling some of the most pressing and critical issues in this area - for example : consideration of the challenges involved in moving towards green definitions that are recognised internationally - since a market - wide taxonomy is clearly an important foundational step necessary for other initiatives to take hold ; the work to develop green loan definitions and standardising key documentation which will be helpful in reducing barriers to issuance ; and the push to improve the risk analysis tools that are available to investors, banks and regulators. more broadly, in infrastructure financing, where the risks are often highest in the early stages of projects, there may also be lessons to be learnt from existing public - private partnerships and the use of risk sharing agreements. and there may be opportunities to encourage the ‘ crowding in ’ of private investment for green projects through the use of public sector money. these ideas and structures are not new but could help support the allocation of green finance to economies where the need is greatest. the city and the uk china green taskforce are well - placed to support such work. coordination climate change is a global problem that is most effectively met