1970. more and more often, physical risks impact our supply chains. as a result, they aggravate already severe pandemic - related disruptions and increase price levels further. climate risk is not something to worry about tomorrow, climate risk is something to worry about today. especially because we did not worry enough yesterday …. in addition, research by dnb and our international counterparts shows that nature - related risks surrounding biodiversity also are in need of our attention. the green transition can no longer wait. we need to step up : as vaclav havel put it : “ vision is not enough, it must be combined with venture. it is not enough to stare up the steps, we must step up the stairs. ” the implementation of sustainable finance is our venture, our decisive step up the stairs. we must implement serious climate policies which take into account the negative externalities of carbon emissions. that means encouraging sustainable initiatives rather than subsidizing fossil fuels. that means incorporating esg risks into our policies and business strategies. that means providing a wide array of sustainable and transparent financial products for our clients and partners. at the end of the day, renewables also remain our best bet to establish energy security. fortunately, the financial sector overwhelmingly supports the paris agreement and pledged en masse that they – that we – will do our part to establish a net - zero economy. while more is still needed available capital should be put to maximum use for financial while more is still needed, available capital should be put to maximum use. for financial institutions, this means implementing proper risk management policies to price in esg risks. but for risks to be understood by the broader public, we also need common reporting regimes. in this regard, i applaud the ambitious eu initiatives regarding climate disclosures. at the same time, financial institutions have voiced concerns regarding the different metrics that are currently being drafted between the eurozone and standard setters such as the issb. therefore, i would like to echo my previous message regarding the harmonization of regulatory policy. by designing internationally comparable climate disclosures from the start, we maximize their impact. this puts the industry in the best possible position to put their capital to work. just as our ancestors joined hands to create a strong financial sector by means of the joachimsthaler, we now have to honor their legacy by keeping it that way. today, a strong financial sector requires resilience and a transition to a balanced, sustainable economy. we

rethinking the way we do things. it entails changes at a fundamental, foundational level, which means that it requires organisations to evolve. three examples of how technology is transforming how we do business come to mind immediately. the first is payment systems. in recent years, we ’ ve seen the emergence of mobile wallets and crypto assets, offered in many cases by entities that fall outside the rubric of traditional prudential regulation. these developments can influence how the financial sector landscape evolves. we must determine if and how to regulate them, and we must develop the capacity to do so. in barbados, we envisage that new payments system regulation will seek to address this gap in our regulatory framework. the second is data. more than ever, both the public and private sector rely on accurate, timely, and specific data for analysis and forecasting, and they look to central banks to provide much of 1 / 5 bis central bankers'speeches that data. we need to ensure we are able to offer the breadth and depth of statistics they require. in this regard, we recently relaunched our online statistics to make access easier for users. the third is communication. when the central bank of barbados was established 47 years ago, we undertook the task of educating and sensitizing the public on economic matters, using, inter alia, quarterly press conferences and physical documents for our economic review and annual reports. now, our audiences are more fragmented than ever, and consume information in different ways. we have to retool our communications to meet their needs. most of what we produce is now available online, our press conferences are streamed, and our information is disseminated on social media platforms. hr ’ s role in digital transformation all three examples demonstrate how technology is altering how we function as a central bank. but the transformation that we are witnessing is not about technology only. if it was, it would fall exclusively under the ambit of our it departments. but at its core, this transformation is really about people. this is why hr is critical to its success. you will have to guide your organisation and its employees through this dramatic change. this is always a difficult feat, but one compounded by the potential anxiety about the new technologies that will form part of this shift. for while in our private lives we readily embrace technology and the conveniences it facilitates – smartphones, alexa, the myriad social media platforms, and if we travel, uber and airbnb – professionally