sabine mauderer : keynote speech - f20 climate solutions week keynote speech by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the f20 climate solutions week, frankfurt am main, 15 september 2020. * * * ladies and gentlemen, we are going through challenging times. the covid - 19 pandemic has caused disruptions to our societies and our economies. while the loss of economic wealth is enormous, some countries with stronger social systems and better healthcare infrastructures have been more resilient than others. but every crisis is also an opportunity. so what can we learn from the pandemic? and what are the lessons for the even bigger challenge of climate change? the answer is easy. just like the pandemic, climate change is a global systemic threat many scientists have been flagging for decades. and just like the pandemic, climate change will cause enormous costs for our economies and our societies. so it is not a question of if but how we have to act. here are my three core messages on how to act. they are closely interlinked. first, we need an adequate carbon pricing system. the idea is to incentivise producers and consumers to change their behaviour and to encourage more climate - neutral alternatives. second, we have to raise broad awareness – across the g20 – that we can only combat climate change if the real economies undergo transformation. both the private and public sectors need to fulfil their roles as agents of change. more public and private money needs to flow into research and development, fostering climate - friendly innovation. this will help us master the necessary transformation in the real economy. transformation is a precondition for resilience, and resilience is the key to economic survival. my third and final message goes out to financial institutions : be a real driver of the economic transformation! if and when capital flows more strongly into climate - friendly economic activities, the financial system can play a pivotal role in changing the real economy. this is the spirit of the paris agreement. and to achieve the goals of the paris agreement, financial institutions need better data to assess the financial risks related to climate change. central banks can serve as catalysts here, by fostering international disclosure and standardisation of data. we need to leverage our capacities as monetary policymakers, banking supervisors and guardians of financial stability. ladies and gentlemen, let me stop here and briefly conclude : first, we need an

that card payments predominate in terms of both the number and value of payments, the swedish public still prefers cash to cards for purchases of less than sek 100. our survey shows that as many as 22 per cent choose cash for purchases between sek 100 and sek 500. for amounts under sek 100, cash is preferred by 63 per cent. there are no fully - comparable figures from any of the surveys carried out in 2006, but in 2006 the “ average consumer ” 3 did not choose to pay by card until the purchase sum exceeded sek 123. 4 so what governs the choice between cash and cards? the most important factor, according to our survey, is that the means of payment is perceived as being convenient. those who prefer cash also say that to a certain extent it may be a case of old habits dying hard, or that they happened to have cash on them and therefore used it. those who prefer cards say instead that one of the reasons is that they do not like to walk around with cash. a comparison of the interviewees ’ attitudes to cash and cards also reveals that cash is perceived as being more secure, while cards are seen as being somewhat less secure. there is also a clear generational aspect to the choice of means of payment. the youngest age group, those under 25, feel a greater sense of security when using cards than the other age groups and are more than willing to use their cards to pay small sums. those who are 45 or older pay with cash to a greater extent. the oldest age group, those who are 65 or older, prefer to pay with cash, even when they buy something that costs over sek 500. this tendency is the same now as it was in the previous survey. what does it cost to pay? should the trend towards increasing card payments and decreasing cash payments be regarded as positive or negative? one way of attempting to answer this question is to consider the cost to society of various payments. if the payment system is to be efficient, these payments should reasonably cost as little as possible. “ allmanhetens syn pa bankerna ” ( the swedish public ’ s opinion of banks ), temo survey, march 2006, the swedish bankers ’ association. the average consumer was defined as a 41 - year old man with upper - secondary school education and an annual income of sek 350, 000 – 400, 000 and who lived in a two - person household. synovate temo, 2006. “ survey