training and qualifications related to green and sustainable finance. 2 / 4 bis - central bankers'speeches number three is developing a regulator - approved knowledge framework, or what we call the enhanced competency framework, to provide a more structured programme for banking practitioners to build their knowledge and expertise in green and sustainable finance. this is a major undertaking that calls for close collaboration between the public and private sectors. it requires more than just regulatory push. the developmental work is equally important to provide the necessary ecosystem that supports climate financing. indeed, hong kong has gone a long way in this regard and has firmly established its leadership role in the field of green and sustainable finance. as a snapshot, green and sustainable debt issuance in hong kong totalled us $ 57 billion in 2021. it accounted for one third of international issuance of green and sustainable bonds in asia. in 2022, we continued to see strong momentum, in particular in the area of green and sustainable loans. the vibrant green bond market is in part a result of the many breakthroughs made by the government green bond programme. since 2019, the hkma has assisted the government in issuing nearly us $ 16 billion worth of green bonds targeting both institutional and retail investors. we made use of each issuance to innovate and expand the suite of green bond products in terms of currencies, tenors and distribution channels, thus laying the foundation for other public and private sector issuers in the region. these issuances kept pushing the boundaries. just over the last few years, we made the world's largest retail green bond issuance, asia's largest esg bond issuance, and issued the world's first tokenised government green bond. we will continue to seek new breakthroughs. in the coming five years, planned annual issuance of government green bonds will increase from us $ 35 billion to us $ 65 billion. the mandate of this programme will be expanded to cover sustainable bonds as well. we will also consider how best to incorporate green and sustainability elements into a new infrastructure bond programme we are developing for the government. we will continue to press ahead with the experimentation in tokenised green bonds, leveraging blockchain technology to enhance the efficiency of bond issuance and transaction, and to explore real - time tracking and reporting of the environmental impact of projects funded by bond proceeds. and to promote financial inclusion, we are now looking into an arrangement to earmark a certain proportion of future green and infrastructure bond issuances for

immediate realm of inflation measured by cpi or core inflation measures, focusing on financial stability potentially constitutes an important additional leg for monetary policy to stand on. obviously this is a vast and complicated subject. i have no doubt that much research will be devoted to the question of the role of financial stability in formulating monetary policy in the years to come. 12 in the banking industry, the consolidation process of recent years has produced some very large and often highly complex financial institutions with truly global reach. they are often “ systemically relevant ”. in other words, problems at one of these institutions can potentially have a detrimental impact on the entire financial system which, in turn, could cause great economic dislocation. as a consequence, these institutions are deemed by many to be “ too big to fail ”. in essence, the market assumes that such institutions would likely be bailed out in the event of a severe crisis. this assumption can be inferred from the premium that rating agencies attribute to large banks. all else equal, large banks get a better credit rating than small banks. 13 the emergence of very large and highly complex banking institutions therefore undoubtedly poses a new challenge for central banks. it is therefore not surprising that central banks have become more active in the area of financial stability. as a side note, let me also mention that the need for central banks and supervisors to intensify their cooperation – both nationally and internationally – is another consequence of the growing importance of large and complex internationally active financial institutions. 2. observations about tentative lessons from market turmoil 2. 1. issues regarding transparency let me now turn to an attempt to draw some tentative lessons from the current market strains. the first regards transparency. a substantial body of academic research has contributed to making central banks much more transparent in recent years. 14 transparency has become a hallmark of modern central banking and rightly so. transparency is an integral part of how an independent and potentially powerful institution like a central bank guarantees ernst baltensperger, philipp hildebrand, thomas jordan, 2007, " the swiss national bank's monetary policy concept – an example of a'principles - based'policy framework ", swiss national bank economic studies no. 3. this argument is closely related to the discussion about the role of monetary policy in the presence of asset price bubbles. see, for instance, michael mussa, “ asset prices and monetary policy ”, in : w. hunter, g. kaufman, and m. pomerleano ( eds. ),