bridging data gaps. mas agrees with the recommended approach, which is to first identify the stakeholders and 2 / 3 bis central bankers'speeches use cases, and then define the metrics and data requirements. in the absence of a use case driven approach, technology will remain a solution looking for a problem to solve. in singapore, mas is working with our financial institutions, solutions and data partners to pilot some use cases so that we can collectively learn, adapt, and grow in our ability to define the right metrics for esg measurement. mas has launched, together with the industry, project greenprint – a technology platform to support the green finance ecosystem. the project will identify use cases where technology can help to mobilise capital for green projects, monitor commitments to emissions reductions, and quantify the impact of abatement efforts. we look forward to collaborating with more international financial institutions and solution providers in this effort. third, we need to develop methodologies to translate raw data into quantifiable assessments of climate - related risks. as the data to be collected and metrics that are relevant for each sector can differ greatly, there will be a need to take a sectoral approach to this. for example, an asset manager looking to invest in the agriculture sector will not find raw data such as temperature and rainfall levels, proximity of the farmland to conservation areas, or the education levels of the farm owners meaningful. these must be converted into an accurate assessment of the environmental and credit risks of the agricultural assets so that the asset manager can adjust its investment decisions accordingly. the financial sector has an important role to play in determining these frameworks, to ensure that capital is channelled effectively towards sustainable business practices. mas is keen to work with the industry, academia and international organisations to develop these sector - specific frameworks, for example, for maritime, agriculture, logistics, and others. as an international financial centre, singapore is committed to channelling financial flows towards sustainability and transition efforts in asia and globally. we are developing green finance solutions and markets that can support a sustainable economy. we are strengthening the financial sector ’ s resilience to environmental risks through providing guidelines on environmental risk management and stepping up disclosure expectations. we are working closely with the private sector to develop a taxonomy prioritising transition activities. we are actively exploring how technology and innovation can be leveraged to drive the financial sector ’ s sustainability agenda. we must harness technology and data to drive effective climate action. the transition to a

##alibrating the dynamic between the centre and the states that is critical for reforms to take root. bis central bankers ’ speeches reverting to mean or different this time? the weak and uneven global recovery post - crisis has raised concerns about the pace of future economic growth and what it means for returns on investments. despite ultraaccommodative monetary policy, most advanced economies have not attained so - called escape velocity. • the legacies of the financial crisis – in the form of debt overhangs – continue to exert a drag. • the structural deficiencies in the major economies, such as under - investment, cast a dark cloud on future potential growth. but one thing that ultra - low interest rates over the past six years have clearly done is to depress returns, particularly in fixed income assets. • us bond returns since 2009 has averaged 2. 3 % p. a. compared to returns of 5. 8 % p. a. over the past 20 years. this has contributed to a more challenging investing environment for government funds – namely pension funds, sovereign wealth funds, and central banks – many of which have significant allocations to developed market fixed income instruments. mean reversion is a key tenet of investment theory – the expectation is that as interest rates normalise, returns should revert to pre - crisis levels. but the cliche that this time is different could well be true. secular trends weigh on future economic growth, and consequently the real return on investment. drivers of future economic growth what are the prospects for future economic growth? there are, in my view, four key drivers of long - term growth : deleveraging, demographics, productivity, and energy. let me elaborate on each of them. first, deleveraging. global balance sheets need to undergo significant adjustments. this is a structural issue that will take time to address. • for about 20 years preceding the global financial crisis, there had been a significant build - up of debt in the advanced economies. • this period – often called the great moderation – could just as well have been called the great leveraging. household debt grew rapidly in the us and europe after 2000, driven by low interest rates and compression in risk spreads. it has come down a little since the crisis, more so in the us than in europe, but has still some way to go in both economies. but what little private sector deleveraging has occurred has been offset by public sector releveraging. in