##interrupted cash and non - cash payment system. in terms of the non - cash payment system, bank indonesia tireless strives towards a less cash society ( lcs ), namely encouraging the general public towards a proclivity for non - cash payment instruments. to that end, bank indonesia recently launched a national non - cash movement in order to expedite the proliferation of non - cash transactions. 16. payment ( retail ) transactions in indonesia are currently dominated by cash - based transactions. weak public understanding concerning the existence and use of non - cash payment methods, coupled with limited quality infrastructure, forces the public to favour cash - based transactions for their daily activity. 17. a survey conducted by mckinsey & company ( 2013 ) revealed that in comparison to its peer countries, the use of cash for retail transactions in indonesia remains dominant at 99. 4 %. the dominant use of cash is a consequence of risk and rupiah management costs. statistics show that each year the amount of currency in circulation grows by around 15 %, far exceeding population growth at around 2 – 3 % and gdp growth of around 5 – 6 %. a less cash society is expected to precipitate bis central bankers ’ speeches more balanced growth with more widespread use of non - cash payment instruments amongst the public. 18. the national non - cash movement is critical to hasten the realisation of a more efficient economy as well as better governance in terms of financial management amongst the public, business players and government institutions. to ensure a more effective programme, the national non - cash movement is run in synergy with various ministerial and provincial government programmes through the application of e - government and e - payment. ladies and gentlemen ; 19. a key determinant of a less cash society is a sense of security for all stakeholders when conducting non - cash transactions, in particular protection from criminality by unauthorised parties. this was confirmed by a bank indonesia survey, which found that security when conducting non - cash transactions is the main factor cited by the general public, followed by convenience and interoperability amongst financial service providers. 20. in order to combat potential criminality, the intensive handling of suspected crimes is paramount. solid coordination and consolidation between the relevant authorities and law enforcement is expected to prevent and minimise various payment system and currency exchange crimes. furthermore, the imposition of stringent sanctions will act as a deterrent to potential criminals. 21. sound coordination and cooperation is required in the

remarks at the accounting for sustainability summit 2018 remarks given by mark carney, governor of the bank of england accounting for sustainability forum, st. james ’ s palace london 21 november 2018 i am grateful to alice carr, emma dalhuijsen, edd denbee, vishal desai, sini matikainen and jennifer nemeth for their assistance in preparing these remarks. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx i would like to thank his royal highness the prince of wales and accounting for sustainability for inviting me today. it is an honour to be able to mark his 70th birthday in this way. we are gathered at st james ’ palace, but not for a lavish celebration. it is to hrh ’ s credit that this happy occasion is marked by a serious discussion of the risks and opportunities posed by climate change and the transition to a low carbon economy. his royal highness has provided inspirational leadership on these critical issues for decades. indeed if we had heeded his advice when it was first offered, we might have already solved the tragedy of the horizon! examples of hrh ’ s leadership range : from domestic initiatives within the prince's responsible business network to help ensure uk businesses and communities are resilient to the effects of climate change ; to launching the climatewise principles and encouraging the insurance industry to take a leading role in addressing risks posed by climate change ; to support for our hosts accounting for sustainability, who have for many years given practical guidance to firms on how to embed sustainability considerations into business decision - making. i have had the great pleasure of engaging with hrh on a number of occasions, and i can think of few people more knowledgeable about the sustainability agenda or as committed to it. four years ago, he rightly put me on the spot, highlighting that climate - related risks will have serious financial impacts, and asking what regulators were doing about them. hrh ’ s challenges are even more germane today as the impacts of climate change continue to mount and the time to act continues to shorten. this year has seen blistering heatwaves in north america and europe, hurricanes in north america and typhoons in south east asia ; droughts in southern africa and australia ; unprecedented rainfall causing deadly landslides in japan ; and now the devastating wildfires in california. the human costs of these events are immeasurable. and the financial losses are significant.