leading this effort. learning more about the importance of ecosystems and sharing all this knowledge with decision - makers and policymakers is necessary. exposure to biodiversity loss must be assessed, and actors should understand the systemic impact of biodiversity loss on the real economy. we all must promote a sustainable investment strategy and make it clear that it is a winwin strategy in which the benefits exceed current and future costs, considering the counterfactual of not acting in a timely and decisive manner. according to the world wildlife fund ( wwf ), the bill for ignoring natural capital will be 10 trillion globally by 2050. 4 / 5 bis - central bankers'speeches a sustainable investment strategy can only be achieved with the participation of the private sector through long - term initiatives that identify and internalize environmental, social, and governance standards as a priority in their business models and that are aware of the need for restoration and conservation of our ecosystems. it is precisely initiatives such as the biodiversity finance reference guide presented today that contribute to a better understanding and dissemination of sustainable finance. it will offer a means to identify investment opportunities and helps to build a common language to achieve a more standardized framework that allows a better and timely transition to a greener and more sustainable economy. undoubtedly, this tool will be handy for financial institutions and investors in identifying sustainable practices and for the corporate sector in incorporating green processes into their business models. to resume, on the public sector side, financial authorities should provide the economy and the financial sector with solid and holistic regulatory bases and align the incentives to achieve the goal of greening the financial system through financing projects and activities that consider and disclose its impact on the environment. what do you think should be the role of the sector you belong to? thank you again for the invitation, and congratulations on the ifc's biodiversity finance reference guide presentation, which i am sure will be of great use for this purpose. presentation of ifc's biodiversity finance reference guide and panel discussion. 5 / 5 bis - central bankers'speeches

from early september does not exert a strong influence on the decision to make an adjustment at the september meeting, that release will remain relevant for future decisions. if the news is bad, and it is confirmed by further bad news in october and november, this would suggest that the 7 percent unemployment goal is likely to be further away, and the remainder of the program would be extended accordingly. in sum, i believe that effective communication for us at this stage involves the following key principles : ( 1 ) reaffirming the data - dependence of the asset purchase program, ( 2 ) giving more clarity on the type of data that will determine the endpoint of the program, as the chairman did in his discussion of the unemployment goal, and ( 3 ) basing interim adjustments to the pace of purchases at any meeting primarily on the accumulated progress toward our goals and not overemphasizing the most recent momentum in the data. i have been focusing thus far on our efforts to enhance communications about asset purchases. with respect to our guidance on the path of the federal funds rate, we have had bis central bankers ’ speeches explicit links to economic outcomes since last december, and we reaffirmed this guidance at our most recent meeting. specifically, we continue to have a 6. 5 percent unemployment threshold for beginning to consider a first increase in the federal funds rate. as we have emphasized, the threshold nature of this forward guidance embodies further flexibility to react to incoming data. if, for example, inflation readings continue to be on the soft side, we will have greater scope for keeping the funds rate at its effective lower bound even beyond the point when unemployment drops below 6. 5 percent. of course, there are limits to how much even good communication can do to limit market volatility, especially at times like these. at best, we can help market participants to understand how we will make decisions about the policy fundamentals that the fomc controls – the path of future short - term policy rates and the total stock of long - term securities that we ultimately plan to accumulate via our asset purchases. yet as research has repeatedly demonstrated, these sorts of fundamentals only explain a small part of the variation in the prices of assets such as equities, long - term treasury securities, and corporate bonds. the bulk of the variation comes from what finance academics call “ changes in discount rates, ” which is a fancy way of saying the non - fundamental stuff that we don ’ t understand very well –