as well as de - risk supply chains. cybersecurity has become essential for ensuring resilient operations, with the growing use of sensors and connected systems on ships. the main impact of this automation is to shift the workforce to higher skills not reduce overall employment. this is what a study2 commissioned by the international transport workers federation has found : that automation in global transport through to 2040 is likely to change the profile of the workforce to higher skilled jobs, rather than reduce the overall size of the workforce. simulations for maritime transport indicate that although automation will require less seafarers per volume of cargo transported, the absolute number of seafarers required in 2040 will be higher than the current level. a resilient planet finally, a resilient planet. the need to promote a sustainable economy is becoming more apparent and is likely to emerge as a major theme when the world recovers from the covid - 19 crisis. the maritime industry ’ s commitment to lower carbon emissions will be a key element in the industry ’ s strategies in the coming years. the international maritime organisation ( imo ) has committed to reduce annual greenhouse gas emissions by 50 % and emissions intensity by 70 %, by 2050, compared to 2008 levels. tighter global regulatory caps on ships ’ sulphur oxide emissions took effect this year. mpa launched last year a maritime sustainability reporting guide3, singapore ’ s first such sector - specific guide. green shipping and sustainability efforts are not only about meeting regulatory requirements – they offer good growth and job opportunities. we will need substantial r & d and investments to explore decarbonisation technologies in shipping. mpa is partnering the industry and institutes of higher learning ( ihls ) to test - bed future fuels such as hydrogen power and biofuels. we are already seeing maritime firms and classification societies expand their testing, inspection, and certification services into green shipping and sustainability assessment. we can expect to see further growth and higher quality jobs in maritime services, increased use of drones and sensors, as well as augmented reality in futur digitalisation can support sustainability efforts in the maritime industry. digital technologies can help to improve end - to - end visibility and track the carbon footprint along entire supply chains. better data collection can not only help maritime firms in their own sustainability reporting efforts, but also help optimise sustainability performance. 6 / 7 bis central bankers'speeches while decarbonisation will be a gradual process in the coming years, collective action accumulated over the

##ans has increased from about 14 % in 2000 to 17 % in 2011. but there are important gaps to fill. bis central bankers ’ speeches we need to do better we have a large protection gap. the average singaporean is still grossly underinsured. a 2009 study by the nanyang technological university found that the existing life cover of the average singaporean is only about a third of what his dependants will need in the event of his early death. the insurance industry should reflect on these findings and take up the challenge to narrow the shortfall in protection coverage. likewise, there is room to do more within the financial advisory industry. according to a study by the nielsen company, which issued the global ageing report in february 2011, only 14 % of singapore consumers surveyed felt that they were financially ready for retirement. this is lower than the asia pacific and global averages of 22 % and 18 % respectively. financial planning has to go beyond advising on investment products to evaluating the life cycle needs of an individual, including for retirement. putting the customer first we must build the customer ’ s trust and confidence in life insurance and financial advisory services. mas has been working closely with the industry to help bring this about. the key thrusts of our approach are as follows : raise the competence of financial advisory representatives raise the quality of financial advisory firms make financial advice a dedicated service lower distribution costs of insurance products promote a culture of fair dealing let me share with you the actions we have taken to - date in each of these areas. i will also announce the steps mas intends to take, as part of a comprehensive review of the financial advisory industry that we are launching. we call this new effort, “ fair ”, or the financial advisory industry review. fair will essentially build on the foundations laid by cedli and the fa act ten years ago. it has two main objectives : first, to enhance the professional standing and competence of financial advisers ; and second, to create a more competitive and efficient system for the distribution of life insurance and investment products. the overriding aim of fair is to protect and benefit the consumer. putting the customer first – that must be at the heart of all our efforts. raising the competence of fa representatives let me begin with the competence of financial advisory representatives. mas has been working with the fa industry to raise the skills, knowledge and expertise of representatives to serve customers better. the two aspects of this effort are : improving the product knowledge of fa representatives ; and raising the entry requirements for fa