green energy and green finance for a sustainable europe speech at the 8. green finance forum, euro finance week 15. 11. 2022 | frankfurt am main | sabine mauderer 1 introduction 2 fast - tracking europe's energy transition 3 key role for the financial sector in financing the transition 4 the role of central banks 5 conclusion 1 introduction ladies and gentlemen, we are experiencing war in europe. and we are seeing inflation of 10. 7 percent in the euro area. [ 1 ] this begs the question : is this the time for green? do we have the means for transformation, for a green europe? my answer to this question is clear : yes, it is high time for a sustainable europe! why? there are two main reasons : first : climate change is speeding up at unprecedented rates. last summer, with its record - breaking heat waves, was a case in point. extreme weather events are causing damage that runs into the billions. according to eurostat ( european statistical office ), over the past decade, climate - related economic losses in the eu ( european union ) amounted to 145 billion euro. the second reason for a sustainable europe is the geopolitical shift. this has sent energy prices soaring – a major driver of the global inflation surge. energy price inflation came to 41. 9 percent in october. [ 3 ] so, europe is paying the price for its dependence on fossil fuels. 2 fast - tracking europe's energy transition pragmatic solutions are now needed to get us through the next two winters. in the short term, as governments are rushing to secure energy supplies, renewables alone cannot fill the energy gap. so we have to make a temporary return to gas and even coal. however, doubling down on fossil fuels from new suppliers will achieve neither climate targets nor energy security. in the longer run, the only way to address the climate crisis and to safeguard europe ’ s energy security is by accelerating the energy transition. there is no way round this : europe ’ s future can only be green! the question is : how do we get there? put simply, by following a two - pronged approach. first, reducing the demand for fossil fuels. the eu ( european union ) has committed to reducing its natural gas demand by 15 percent this winter. [ 4 ] germany needs to save even more natural gas – at least 20 percent. for winter 2023 - 24, some experts put that figure as high as 30 perce. the second approach to greening the

r gandhi : new paradigm in banking : banking is necessary, not banks – really? valedictory speech by mr r gandhi, deputy governor of the reserve bank of india, at the fibac 2016 “ new horizons in indian banking ”, mumbai, 17 august 2016. * * * 1. “ banking is necessary, but banks are not ”, i am quoting here bill gates, what he said as chairman, microsoft, way back in 1994. today, after twenty two years, has his prediction or forewarning come true? i intend to explore this in today ’ s discussion with you. 2. it is usual for many of us who lecture others to say “ we are at cross roads ”, “ the paradigm shifts that are staring us ” etc. that ’ s because it takes time to discern the trends that are taking place in any sector and unless we pause to look carefully, the emerging patterns are easy to be missed, at great cost to many stakeholders. and when we do pause and observe, we can ’ t but say “ we are at cross roads ”, “ the paradigm shifts that are staring us ” etc. 3. in the pwc report in july 2014 on “ the future shape of banking – time for reformation of banking and banks? ” they said that at the macro level, they had identified five global ‘ megatrends ’ whose impacts, intersections and collisions are re - shaping the business world. while these all are relevant to banking, they pointed out the most influential of the trends to be “ the demographic and social change, creating new customer demands and stakeholder expectations ; and technological breakthroughs changing everything from customer relationships to business models ”. 4. a willis ’ research report published in resilience in april 2015 said that the financial institutions industry – including banks, asset managers and financial technology companies – is currently faced with a paradigm shift caused by a number of key mega trends. it identified the regulatory capital requirements, digitalisation and technological advances, new market participants, demographic and behavioural changes in the new generation of customers as some of these trends. 5. a report on “ connecting the dots of the new paradigm shift in banking : where are we now? ” by scope ratings said in june 2016 “ looking at the current trends, we view the crossroads for banks being laid rather precariously at the intersection of three powerful winds of change : technology, regulations and macro developments ( mainly sluggish growth and low - for - long rates ) ”.