financial risks from climate change that arise from the increased frequency of weather events and from the transition to a carbon - neutral emission economy. the test will motivate firms to address data gaps and to develop cutting - edge risk management consistent with a range of possible climate pathways : ranging from early and orderly to late and disruptive. this test will be the first of its kind to integrate climate scenarios with macroeconomic and financial models. the bank will develop the approach in consultation with industry, including insurers, and other informed stakeholders including experts from the network for greening the financial system and the pra ’ s climate financial risk forum. with this new supervisory approach, the bank will help ensure that the financial system is resilient to the risks and can take full advantage of the enormous opportunities in a carbon - neutral economy. the path to a carbon - neutral economy will affect every institution in this country — very much including the bank of england. we need to do more than just cutting out cups and bringing up bees. 35 we must lead by example. from next year, the bank will become the first central bank to adopt the tcfd recommendations across our entire operations. and to improve our strategic resilience, the bank will reduce the bank ’ s carbon footprint by almost two thirds by 2030, consistent with a transition to a 1. 5 degree world. 36 conclusion the new finance has the potential to unlock stronger, more sustainable and more inclusive growth. by taking the measures i outlined this evening, the bank can enable the new economy ; empower greater competition and ensure the resilience of the financial system. available at : https : / / www. bankofengland. co. uk / - / media / boe / files / prudential - regulation / supervisorystatement / 2019 / ss319. pdf? la = en & hash = 7ba9824bac5fb313f42c00889d4e3a6104881c44. see : https : / / www. bankofengland. co. uk / news / 2019 / march / first - meeting - of - the - pra - and - fca - joint - climate - financial - risk - forum. the bank has cut its use of cups and food boxes by over 80 % since 2016, that ’ s over 2 million fewer items of single use plastic each year. we are also working on promoting natural biodiversity at our

major factor in advancing this project as well, but also the future ones. let me also underline the major role played by the successive top - management teams of the national bank of moldova in carrying out these numerous bilateral cooperation projects and i take this opportunity to thank them and express my appreciation to those with whom we have worked. ladies and gentlemen, we find ourselves, today, at a juncture where governments and central banks alike have promptly stepped in globally to counter the negative impact of the coronavirus pandemic through social, economic, fiscal and monetary policies. the unprecedented mobilisation of the authorities 1 / 2 bis central bankers'speeches in a complex and determined manner has largely ensured the proper functioning of markets, and of the economic and social mechanisms. in this regard, enhancing the response capacity to adverse situations is essential, and this goal can also be achieved by strengthening corporate governance, supervision, and risk management in the financial sector. these are the key coordinates of the new twinning programme as well. the twinning project we are launching today has a wide scope, not only for the banking sector, but also for the entire financial market in the republic of moldova. it aims to be beneficial for both the national bank of moldova and the national commission for financial markets of the republic of moldova, by strengthening institutional capacity and governance, as well as developing the regulatory, supervisory and operational frameworks for enhanced functionality. from my perspective, the national bank of romania has gained over time, after 1990, with the support of its partners in the european union – including the support of de nederlandsche bank, which i would like to mention explicitly – a solid experience and expertise. it is now our turn and duty, as senior partner in this twinning project, to pass on the know - how to the republic of moldova and we are able to do this efficiently, having the advantage of the romanian language. the complexity of the new project, over the two - year period, brings together a remarkable project team. the activity will comprise five highly technical components, in the areas of financial macrostability, prudential supervision, the non - bank financial sector, the internal regulatory framework for supervision and the regulatory framework for payment infrastructure and its functionality at european standards. on this occasion, i express my deep gratitude to our current partners – de nederlandsche bank, lietuvos bankas, as well as the romanian financial supervisory authority and the romanian national authority for consumer protection. let me conclude by wishing success