##udential regulations applicable to deposit taking institutions. hence even if a mobile money operator were to collapse, the electronic money held by its customers could be reimbursed from the escrow account in the partner commercial bank. as mobile banking develops, we are likely to see a much wider diversity of financial products made available through customers ’ mobile phones. many of these products will involve intermediation of funds rather than simply payment services. the principle which the bou will maintain is that only financial institutions which are licensed under the financial institutions act, 2004 can take deposits and intermediate these funds. these principles are enshrined in the mobile money guidelines which were issued by the bou in october 2013. if we maintain this principle we can allow the mobile money industry to develop and innovate in order to extend the range of services it can offer customers without putting at risk the funds of its customers. to conclude, i wish to congratulate all the recipients of the digital impact awards today, and wish you success in commercializing your innovations. we particularly look forward to innovations that will promote financial inclusion, as well as the efficiency and safety of financial transactions. i once again, thank cyberplc and hipipo ( u ) limited for making the arrangements for these awards. thank you for listening to me. bis central bankers ’ speeches

- up. next, let me say a few words on green finance. by end - 2020, outstanding green loans in china were about 12 trillion rmb, or 2 trillion usd, ranking the first in the world. outstanding green bonds in china registered about 800 billion rmb, or about 120 billion usd, ranking the second largest in the world. such rapid progress in green finance is giving strong support to china ’ s green transition. china ’ s pronounced goal of peaking carbon emission by 2030 and achieving carbon neutrality by 2060, also known as the 30 / 60 goal, sets a higher bar for all of us. to be carbon neutral, the following two tasks are top on the agenda. first, we must mobilize massive green investment in line with market principles. according to various estimates, hundreds of trillions of rmb is needed to achieve the 30 / 60 goal. public finance, however, could cover only a tiny fraction. it is therefore imperative to put in place sound public policy incentives to encourage market forces to fill in the gap. second, we must evaluate and address the potential impacts of climate change on financial stability and monetary policy. studies show that climate change may make extreme 1 / 3 bis central bankers'speeches weather more frequent and lead to greater loss. meanwhile, green transition may cause the value of carbon - intensive assets to fall and sour the balance sheet of firms and financial institutions. this will heighten credit risk, market risk and liquidity risk, and further undermine the stability of the entire financial system. it may also affect the scope and transmission of monetary policy, and be a drag on key variants such as growth and productivity. these are new challenges to financial stability, as they make the evaluation of monetary policy more difficult. bearing in mind these two key tasks, we have identified green finance as a priority for this year and for the next 5 years. in that vein, let me highlight the following aspects. first, we will improve the taxonomy of green finance. it ’ s the basis for identifying green economic activities and channeling funds to green projects. the pbc issued taxonomies of green bonds and green credit in 2015 and 2018 respectively. we are about to finish revising the green bond endorsed project catalogue by removing fossil fuel projects. we are now working with our european counterparts to harmonize taxonomies and plan to announce a common taxonomy this year. this issue will also be discussed at the g20. second, we will strengthen information disclosure. the