mark carney from the bank of england put it - avoid a climate - driven “ minsky moment ”. we need to be at the point where central banks and supervisors see scenario analysis and stress testing of these risks as a given. the point where the board and senior management of institutions engage in managing these risks, not because we tell them to, but because it ’ s a fundamental part of their prudential responsibility. opportunities so yes, the gloom and stories of despair may continue if we do nothing. but all over the world people, institutions, governments and companies are stepping up to the plate. because we need to. and because with change, comes opportunity. opportunities for businesses and professionals. many of these opportunities have already been seized, especially here, despite – or thanks to? – the fact that the wildfires blaze and herald the need to change. california, the world ’ s 5th largest economy, is a global leader in climate change mitigation efforts with bold climate goals and actions. its climate goals include : - reducing greenhouse gas emissions to 40 percent below 1990 levels by 2030 fout! onbekende naam voor documenteigenschap. - providing 100 percent of the state ’ s electricity from clean energy sources by 2045 reducing methane emissions and hydrofluorocarbon gases by 40 percent and adding 5 million zero - emission vehicles to california ’ s roads by 2030 renewable energy in california has matured : solar and wind are cost - competitive with fossil fuels. california is the clear leader in clean tech patent registration in all major clean technology categories. for every one patent registered in texas, the state with the second - most patents registered in 2018, california had 3. 5 patents. and 58 percent ( $ 3. 4 billion ) of all us investment in clean technologies was invested in california. innovations from industry large and small are helping us to mitigate these dangers and transform our economy. and of course it is not only the state of california that is stepping up : it is estimated that by 2021, one quarter of total store sales in the u. s. ( $ 150 billion ) will be sustainable products. the number of companies across the world who issue some form of sustainability report continues to increase. sustainability reports are now issued by 94 % of the world ’ s 250 largest companies. and this month the issuance of green bonds burst through the $ 1tn mark worldwide. not only is there a rising volume, the demand still exceeds the supply

in the current environment : is our operational resilience keeping up with the faster pace of digital developments? when it comes to fintech, i think covid - 19 has also accelerated existing trends there too. the future development of fintech is a function of technological innovation and changing consumer preferences. covid - 19 did not immediately bring new technology, but it may have moved consumer preferences more towards digital. people kept contact with each other via zoom and face time and skype. school children all over the world followed online lessons. online retail went through the roof. from there, it may only be a small step to paying with whatsapp, or getting a mortgage from quicken loans. so covid - 19 may have influenced digitalization in many different ways. if there is anything the covid - 19 pandemic has taught us here, it is that adoption of new technology is non - linear. when technology is already available, sometimes it takes only one event to cause a sudden and decisive shift in consumer preferences. this adds all the more urgency to the big questions already on the table before the pandemic. 1 / 3 bis central bankers'speeches how will fintech impact the business model of traditional banks? what role will bigtech firms play? when the lines between banks and technology firms become more and more blurred, who is responsible for security and financial stability? do we understand the algorithms that are being applied increasingly in banking? how do new technologies influence cyber and financial crime? are supervisors sufficiently equipped, in terms of knowledge and staff, to keep up with developments? where are the holes and obstacles in regulation? what does it mean for the level playing field when regulated and unregulated entities compete on the same markets? how can supervisors themselves use the new technologies to improve supervisory practices? and last but not least, there are social issues involved in digitalization. not everyone can keep pace with the current tempo of digitization. digital exclusion of vulnerable groups of consumers, like the elderly or people on a low income, is a serious issue nowadays. this is only a subset of a vast area of questions that are relevant to the stability of the financial system. but i have total confidence this panel of eminent experts will be able to answer these questions shortly. this brings me to the last issue i would like to raise. how should supervisors respond to these changes? there used to be a time when financial supervision was viewed as basically reactive. the idea was that, by nature,