( ngfs ), partnership for carbon accounting financial ( pcaf ), the commission ’ s action plan on sustainable finance, eiopa ’ s opinions published in july, climate stress tests and various national initiatives. we are all aware that there is a need for change. if the climate is changing then so must we. but although we have come very far … every step of the way, we need to remind ourselves not to ask whether we already have done a lot, but rather we should ask ourselves : are we doing enough?

taxonomy. this taxonomy provides a uniform definition of which activities or financial instruments could be considered environmentally sustainable. this will allow us to better see where the risks and opportunities are and gives us a clearer path towards the paris goals. this will ultimately help insurers and pension funds to determine their investment strategy. de nederlandsche bank is also working to take into account climate - related risks in our supervisory framework. here, we see scope for insurers to take all material risks into account in the own risk and solvency assessments ( orsa ). we have developed and published a good practice document that gives insurers more guidance on how to deal with these risks. for example, as part of their risk management and through scenario analyses. and then there are initiatives on a global level. the establishment of the network for greening the financial system ( ngfs ) has brought together central banks and supervisors from all over the world, aiming to aid a smooth transition to a low carbon economy and to strengthen the efforts of the financial sector in achieving the paris goals. the network will create a document for financial institutions, including asset managers, on good practices for conducting risk analyses. this will be a compilation of methodologies practiced in the market, focused mainly on case studies on environmental risk assessments by financial institutions. the ngfs will also produce a handbook for supervisors on how to assess the climate - related risks of individual firms. we hope this work will be valuable for both the sector and regulators. the sustainable insurance forum ( sif ) and the international association for insurance supervisors ( iais ) have joined the ngfs as observers. they are raising awareness and making a valuable contribution to our work. next year, the iais will publish an application paper on climate - related risks. this paper aims putting these risks in the context of the global standards for insurance supervisors. the global standards that are leading for all 200 iais members all over the world. there is still more that needs to be done and major milestones to reach, too : supervisors need to continue to build and refine their knowledge on these risks and setting further expectations for the sector. governments still need to further discuss the protection gap and the issue of a carbon tax …. a carbon tax cannot come quickly enough. the implementation of robust climate policy can prevent further burden and costs for the economy. beyond climate and speaking about risks, other risks are coming into view … almost all governments have decided on the paris agreement - and these decisions may lead to