to avoid sudden shocks. annual data requests, as part of our supervision, could give greater insight into the size and nature of the risk. this can form the basis for supervisors to engage in dialogue with institutions. we may then expect them to prepare a strategy for integrating esg risks in their short and longer term risk analyses. to explain how they can adapt their investment strategy to align with the paris ambition. and to demonstrate they have a clear view on the viability of their business model in a two degree scenario. in contrast to a supervisory dialogues, the one thing i believe we must not do, is to create wrong incentives. there are also advocates for changing capital requirements. to discourage brown exposures, or encourage green investments. however, we at dnb believe that capital requirements must essentially safeguard financial solidity and stability. hence, without conclusive evidence that green exposures are less risky than other exposures, lowering capital requirements by introducing a green supporting factor will only increase the risks to financial stability. with evidence, the situation would change dramatically … we are not there yet. we need to work harder to determine the risk in “ green ”, but also in “ brown ” exposures. and to identify whether there exists any risk exposure differential between green and brown assets. this also is one of our focal areas in the ngfs. we can draw on the experience of all our members. and arrive at a common view. also to safeguard a level playing field across prudential jurisdictions. timelines ngfs standing here now, i must say i ’ m very proud of the network ’ s progress. ten months ago, the acronym ngfs still sounded odd. but today, we are right back on track and more and more countries are queuing up to board the train. it may run on only partly renewable sources at the moment, but hopefully in the near future it will be fully powered by certified green energy! and you will be able to assess the extent to which we succeed. the analysis conducted in the work streams will feed into a ngfs report to be issued in the first half of 2019. the final purpose is to define and develop best practices and promote these such so they will be implemented within and outside of the membership of the ngfs. conclusion ngfs and dnb need to demonstrate they can support, underpin and promote the transition to a green financial system, as part of their regular mandate. and while our research on a possible future supervisory framework will continue, we ’

##d, but the risks and market failures are sufficiently mitigated. it will look at how the consumer's interests can be safeguarded, how we can create a fair'data playing field'for all financial entities, and consider the role we as financial supervisors can play. but most importantly, it will aim to start a dialogue with all of you, on this important topic. because, yes, data make the world go round. yes, open finance has our attention. because we are the modern - day cartographers of this uncharted territory. of course there will be dragons. but it is our ambition and our challenge to slay those dragons before we meet them. let's go to work! 3 / 3 bis - central bankers'speeches