of central bankers and supervisors ’ achievements towards tackling climate change, which are significant and ( ii ) discuss four important tasks that still lie ahead. i. central banks and supervisors are promptly moving ahead regarding the snapshot of risks in its first progress report, released in bali in october 2018, the ngfs unanimously concluded that “ climate - related risks are a source of financial risks. it is therefore within the mandates of central banks and supervisors to ensure the financial system is resilient to these risks. ” so what do we do? a. integrating climate - related risks into micro - supervision this is an ambitious but complex task, on which progress has been made in many countries. looking at the potential courses of action for supervisors, i believe that our main priority should be the disclosure of existing exposures in the financial sector, what i usually call “ the snapshot of risks ”. a number of supervisors have paved the way, including the dnb, the bank of england / pra and the french supervisory authority ( acpr ). the acpr published last week a second report on the exposures of french banks and insurers to climate risks. this report gives a clearer view on climate risks and opportunities : asset exposures of financial firms to physical risks remains non - material in france thanks to investments in very low risk zones ; banks ’ exposures to transitionrelated risks were slightly reduced between 2015 and 2017 and now represent roughly 12 % of credit risk ’ s exposures at default. our supervisor also has a clearer view on the blind spots in the risk management framework, which must be addressed : executive bodies are committed to embracing further climate risks at the highest level of decision - making but the degree of implication across the french financial sector is still heterogeneous ; the granularity of the analysis provided by banks and insurance companies is not sufficient. this step should be widely promoted among ngfs members, who, i believe, need to leverage best practices throughout its membership. i therefore very much welcome the supervisory handbook that will be prepared as a ngfs technical deliverable for 2019 - 20. b. integrating sustainability factors into own - portfolio management central banks must send the right signal and lead by example in their investment and disclosure policies. the dnb has signed up to the un principles for responsible investment. norges bank, which manages the norwegian sovereign wealth fund, has advocated a diversification of the portfolio and is implementing a divestment strategy dedicated to selling off some oil and gas

a much longer horizon than the usual one of one year. 2. converting our quantitative and qualitative challenges into unprecedented opportunities 2 / 4 bis central bankers'speeches our objective is to enhance the role of the financial system, not only to manage climate change – related risks, but also to “ mobilise capital for green and low - carbon investments. ” 14 but financing the transition to a low - carbon economy is both a quantitative and qualitative challenge. [ slide 5 ] the quantitative challenge is linked to the massive investment required in three areas : first, infrastructure and technical solutions, especially in transport, energy production and consumption and agriculture ; second, intangible goods, including continuous training and research ; and third, the adaptation and improvement of existing structures, notably the thermal rehabilitation of buildings. the needs are so considerable that public financing alone will never be sufficient : as an illustration, the estimated global needs could reach usd 90 trillion over the next 15 years for new green infrastructure alone. 15 fortunately, the private sector is already showing a growing interest in green finance. i could cite many examples, including the sharp rise in the global green bond market, + 78 % in 2017, 16 or the success of the issuance of france ’ s first green sovereign bond in january 2017 with eur 7 billion allocated and total demand of more than eur 23 billion, and supplemented yesterday. all this looks very promising … but it is still insufficient. the systematic oversubscription of green bonds at issuance is actually a sign that there is a lack of green financial products. green markets remain niche markets : green bonds still account for less than 2 % of global debt issuance. xvii the success of the transition will also depend on our ability to broaden the sources of financing : we should not rely solely on green bonds. we also need more green loans, and more green financing in general, accessible to individuals, smes and start - ups. green financing requires an innovation - friendly framework : green securitisation, green covered bonds, green derivatives, green crowdfunding platforms and green private equity should all be promoted. in addition, we have to carefully assess the impact of existing regulations. in the face of strong pressure from the financial industry, we must not however lose sight of our main goal as supervisors, which is financial stability. so far, there is no empirical or theoretical evidence that “ green ” assets are less risky and could warrant lower risk weights in the form of a “