on the environment. this is why it is so important that we have in the eu finally agreed on this common taxonomy which, hopefully, after being endorsed by the european parliament, should allow for a more comprehensive assessment of risks and enhanced transparency. in sum, the fight against climate change is clearly not solely a publicly driven initiative. it is no longer the official sector preaching to the rest of the society but rather a joint effort by all stakeholders : governments, central banks, supervisors and official institutions, along with corporates, financial institutions and, ultimately, all individuals. 2 / 5 i say they are all stakeholders because, when it comes to this planet, everybody living on it is a stakeholder. i believe this is groundbreaking because, when an issue is as global as this one, there is a tendency to go precisely in the other direction. it is too easy to dilute personal and corporate responsibilities, find excuses and carry on without changing anything substantial. the message we are receiving is that this is not the time to look for excuses. the writing is on the wall : it is time for action. of course, whatever a person, a municipality, a region or even a country can do to combat fight global climate change is quite futile if the rest of the world stays the same. but the message today should be that each of us must do our bit, large or small, without looking at what others might or might not be doing. i am here today, precisely, to talk about doing “ our bit ”. the contribution that the financial sector can make to this global struggle is no silver bullet, but it is an important one. it is clear that finance is not regarded as a polluting sector. that, at least, is a positive development in these difficult times for banks´ reputation. traditionally, the companies dependent on oil products have been those most affected by the environmental regulations resulting from international agreements. in fact, we should admit that the financial sector ’ s involvement in this battle has been rather limited. until very recently, climate change was seen as something outside our remit. this has changed as a result of the 2015 paris agreement. what has changed since 2015 to warrant this sudden interest on the part of banking regulators and supervisors in climate risks? first, in 2015, the paris agreement stressed for the first time the importance of the financial system for steering the resources needed to transform the economy towards a sustainable model. second, in 2018, the first ngfs report stated that climate - related

s commitment to consolidate and strengthen hong kong's status as an international financial center and the confidence and resolve in sustaining hong kong's long - term prosperity, stability, and development. as an important channel linking the mainland, hong kong and the international financial market, the southbound bond connect will connect and integrate the financial markets of the mainland and hong kong more efficiently. it will provide convenient access for mainland investors to invest in hong kong and global financial markets, and inject fresh vitality and energy into hong kong. on this occasion, on behalf of the pbc, i would like to thank the government of the hong kong special administrative region, the hkma, the securities and futures commission of hong kong, as well as financial institutions and infrastructure providers in the mainland and hong kong for your unremitting dedication to the bond connect scheme throughout these years. i would also like to thank the distinguished guests and friends from the media who are present at the ceremony, as your commitment and support are an integral part of china's financial reform and opening up. next, the pbc will continue with the pragmatic cooperation with hong kong in accordance with the unified arrangements of the cpc central committee and the state council and firmly support the development of hong kong as an international financial center. finally, i wish the southbound bond connect a full success and i wish hong kong greater achievements in developing the international financial center. thank you all! 2 / 2 bis - central bankers'speeches