term. bringing financial education to the community if people can manage their finances well, it will help to minimise many other social problems. community organisations like sinda and the media have been playing an important role in bringing financial education to the community and encouraging prudent financial habits among the community. individual members of the community have also contributed to making financial education more accessible to the public. ponnaana ethirkaalam ( “ golden future ” ), written by mp sellvem and jaafar ghany, is a shining example of such an initiative. the book explains key concepts in personal financial management in easy - tounderstand tamil. bis central bankers ’ speeches but more interestingly, it provides useful financial advice relating to each of the key milestones in our lives : buying a home, starting a family, funding children ’ s education, looking after aged parents, planning for retirement. in fact, the book starts with the premise of life as a journey that requires careful financial planning. and such planning is based on the values of patience and prudence. [UNK], நமது [UNK] [UNK] நிதித திடடமிடுதல [UNK]. [UNK] [UNK], [UNK] முனமதியும [UNK] [UNK]. the practical insights in ponnaana ethirkaalam are relevant not only for the tamil or indian community but for all singaporeans. i understand the authors have plans to translate their book into english to reach out to more people. i congratulate mp sellvem and jaafar ghany on their achievement and wish them every success in the launch of ponnaana ethirkaalam. thank you. bis central bankers ’ speeches

is a huge problem. asia stands to suffer the most in terms of hundreds of millions of lives due to climate change, and yet the transition is going to affect them the most as well. 1 / 3 bis - central bankers'speeches added to the challenge, asia's coal plants are young, less than 15 years old on average. this makes the economics of phasing out coal more challenging, especially as new coal plants continue to be built to keep pace with energy demand. we need a holistic approach for asia's energy transition that meets three objectives : reduce emissions significantly ; meet growing energy demands ; and limit any adverse impact on jobs and communities. neither the continued burning of coal nor the immediate cessation of coal plants meets all three objectives. what we need is a coherent strategy for the managed phaseout of coal that achieves environmental sustainability, energy security, and a just transition for communities whose livelihoods depend on coal. finance alone is not enough but it can play a critical role in getting us from coal to clean. a combination of public and private capital, coupled with appropriate policy reforms, can provide the right economic model to encourage owners to voluntarily wind down their coal fired power plants ahead of their technical end of life. we will also need innovative financing structures to blend public and private capital. but there are significant challenges to financing the early retirement of coal. financial institutions will need to justify how such financing is consistent with their net - zero commitments, especially when their financed emissions rise over the short term. they will need to address potential greenwashing concerns that new coal capacity is being created to replace the coal plants being phased out early. there is a lack of scalable risk sharing mechanisms to support coal plant owners in their transition to cleaner energy. this is why the gfanz apac network is launching today for public consultation a report providing detailed guidance on financing the managed phaseout of coal fired power plants in the region. the guidance aims to ensure that managed phaseout transactions are climate credible, economically viable, and socially inclusive. it proposes a three - step process. first, ensuring that there are credible plans for coal phaseout at the government, company, and project level. this is critical to address two key risks in managed phaseout projects : one,'emissions leakage'where the closure of a coal fired power plant is offset by increased operation of other coal plants or new coal plants built. 2 / 3 bis - central bankers'speeches second risk, moral hazard