- sustainable - finance - report _ en. pdf 8 see “ battle for sustainability will be won or lost in cities, deputy secretary - general tells high - level general assembly meeting on new urban www. un. org / press / en / 2017 / dsgsm1080. doc. htm agenda, un - habitat ”, available at : 9 interview of yannis stournaras, governor of the bank of greece, with christos chomenidis for the newspaper ta nea, 17 / 03 / 2018, available at : www. bankofgreece. gr / pages / el / bank / news / speeches / dispitem. aspx? item _ id = 513 & list _ id = b2e9402e - db05 – 4166 – 9f09 - e1b26a1c6f1b ( in greek ) 10 world economic forum, the global risks report 2018, 13th edition, available at : wef. ch / risks2018 11 these risks are : ( 1 ) extreme weather events ; ( 2 ) major natural disasters ; and ( 3 ) failure to mitigate and adapt to climate change ( 3 ). 12 gdp contraction relative to base year gdp at constant 2008 prices. 13 ccisc ( 2011 ), the environmental, economic and social impacts of climate change in greece, bank of greece, pp. 453 – 457, available at : www. bankofgreece. gr / bogekdoseis / climatechange _ fullreport _ bm. pdf 14 τhe vulnerability analysis is included in ccisc ( 2015 ), national climate change adaptation strategy ( nccas ), pp. 7 - 13, available at : www. bankofgreece. gr / bogdocumenten / national _ adaptation _ strategy _ excerpts. pdf 4 / 4 bis central bankers'speeches

worldwide, a focus on more efficient use and minimisation of waste emerges as the only and urgent option. the model of a “ linear ” economy prevailing today ( sourcing – manufacturing – usage – disposal ), on which most economies since the industrial revolution have relied, is no longer sustainable. just like nature, which operates in a “ circular ” manner, business activity can become sustainable by switching from the “ linear ” model to a “ circular ” one. circular economy means that the value of products, materials and resources is maintained in the economy for as long as possible and waste generation is minimised. the transition to a circular economy requires interventions on the supply side, such as ecodesign and longer life cycles of products, as well as on the demand side, through a change in consumption and dietary patterns and a more efficient management of waste, with appropriate financial incentives and community engagement. this transition is expected to have a positive effect on production, employment, climate, nature, natural resources and social well - being3. for 1 / 4 bis central bankers'speeches example, our dietary habits have a devastating effect on the planet ’ s natural resources, land and water reserves. a lower consumption of meat and dairy products would bring substantial savings on cultivated land and water resources, reduce carbon emissions and gradually restore forests and wildlife. one major challenge in achieving the sustainable development goals relates to decarbonisation, i. e. the removal or reduction of carbon dioxide from energy sources. the current and future impacts on society and sustainable development are such that make the use of fossil fuels prohibitive. climate change and global warming are linked to anthropogenic activity, in particular the use of fossil fuels and carbon emissions. we need to mitigate climate change by rapidly and drastically reducing emissions, adopting the right energy management and high efficiency practices, by financing green energy, fostering energy - saving investment and promoting a zeroemission economy in the context of the respective european policies. indeed, it seems that we are rapidly approaching the point of no return, after which even a drastic reduction of carbon emissions will no longer be enough to reverse the trend and stop a global tragedy, for example the accelerated melting of polar ice caps. along the road, there are clearly risks, as well as opportunities : physical risks arising from the impacts of climate change, but also transition risks arising from the adjustment to a low - carbon economy. in the process, businesses may face costs, valuation losses and disruptions. yet,