makers and greek citizens. before giving the floor to the distinguished speakers, please allow me to thank the researchers who have worked for this study, eliamep and its president, professor loukas tsoukalis, and last but certainly not least, professor jean pisany ferry, who is the keynote speaker today. 1 see, among other, blanchard and giavazzi 2003, boeri 2005, fiori et al. 2007. 2 / 2 bis central bankers'speeches

2 / 5 bis central bankers'speeches financial risks stemming from the transition to a low - carbon economy are important factors in promoting sustainable development and safeguarding the smooth functioning of the financial system9. in this context, the banking sector can also play an important role in addressing the threats and challenges of climate change. the united nations, through the environment programme finance initiative ( unep fi ), sets out sustainability principles in the framework of contemporary banking practice. currently under consultation, the principles for responsible banking10 aim to define the role and the responsibilities of the banking sector in a sustainable future, where banks align their business practices with the global community goals and create value for society. the principles set out the criteria for responsible and sustainable banking, through a holistic evaluation of risks and opportunities stemming from banks ’ activities. furthermore, they encourage banks to identify and assess the effect of their asset allocation decisions and be transparent on the resulting positive and negative impacts on society and the environment. as part of a roadmap towards sustainability, the principles support and accelerate the fundamental changes needed to achieve shared prosperity for current and future generations. if we are to meet the sustainable development goals of the united nations and the objectives of the paris climate agreement, the banking sector needs to maximise its contribution and align itself with these goals. last month, the bank of greece officially endorsed the principles for responsible banking and, in its capacity as the national central bank, strongly urges all banks within its remit to do the same and set ambitious targets. towards a sustainable future, scientific research and current developments confirm the need for a dynamic strategy and an action plan to adapt to the changing climate. climate change adaptation, as a process of adjusting to climate effects in order to moderate the negative and enhance the potential positive impacts of climate change, is a crucial issue spanning across multiple economic, social and environmental policy areas. therefore, under a memorandum of understanding signed with the ministry of environment and energy and the academy of athens, the climate change impact study committee drafted in 2015 the national climate change adaptation strategy, setting out the general objectives, guiding principles and implementation tools for an effective and growth - oriented adaptation strategy, in line with european directives and international experience. furthermore, fostering the adaptation process, the committee is currently working, alongside the ministry of environment and energy and other key national actors, on the life ip programme “ adaptingr − boosting the implementation of adaptation policy across greece ”. the programme aims at advancing the implementation process of the national climate