might be. and all the signs have been pointing to a slower growth trend. you may have had destiny ’ s child — beyonce — turned up too loud to spot the signs, but they have certainly been there. slow trend growth and low r - star in the current global context presents certain challenges to monetary policy, another topic for a future day. in everything that we do, we need to consider all the information, and exercise data dependence and flexibility, as we navigate the course ahead. 1 see john c. williams, interest rates and the ‘ new normal ’, remarks to the community banking in the 21st century research and policy conference, st. louis, missouri ( october 5, 2017 ), and kathryn holston, thomas laubach, and john c. williams, measuring the natural rate of interest : international trends and determinants, 3 / 4 bis central bankers'speeches journal of international economics, volume 108, supplement 1, pp. s59 – s75 ( may 2017 ). 4 / 4 bis central bankers'speeches

sabine mauderer : climate adaptation requires greater global attention speech by dr sabine mauderer, vice - president of the deutsche bundesbank, at the network for greening the financial system ( ngfs ) finance day, australian prudential regulation authority, baku, 14 november 2024. * * * check against delivery 1 introduction ladies and gentlemen, it is great pleasure and honor to be here today at this critical session on climate adaptation finance. i have been listening to the panel discussion with great interest. there is one aspect that struck me : namely that, at this point, there is no way back. adaptation means moving ahead. we gather here today as the number of severe weather events continues to rise, fueled by climate change. the widespread flooding that hit baku last month is a clear example. 1 so are the devastating floods that claimed over 200 lives in the spanish region of valencia at the end of october. 2 it was one of the worst natural disasters in spain's modern history. it is clear that we urgently need to bolster our defenses against severe weather events. yet, climate adaptation measures remain insufficient – in both the global north and the global south. so, what are the key takeaways of today's session? 2 to - dos in climate adaptation first : efforts to adapt to climate change must accelerate. the world bank estimates that a mere 5 % of global climate finance is allocated to adaptation. 3 this means that – out of a total of usd 1. 4 trillion allocated for climate finance in 20224 – less than usd 100 billion went into climate adaptation. 1 / 4 bis - central bankers'speeches only a fraction of this sum reaches emerging and developing economies, which suffer heavily from the effects of climate change. frankly, we ought to do better. second : more private funds need to flow into adaptation. the united nations environment program ( unep ) estimates that the adaptation finance needs of developing countries are around 14 times the current size of international public adaptation finance flows. 5 therefore, the gap will not be met by public funds alone, the financial sector needs to play a role too. third : we need to tackle existing barriers to adaptation finance, starting with lack of awareness among some stakeholders. 6 other hurdles include underdeveloped capital markets in many of the countries that are most affected by climate change, and the fact that adaptation investments often serve a common good. these factors make it challenging to generate enough private capital for adaptation measures. last, but no least