public and private investments. the european commission estimates that reaching the 2030 climate target requires additional annual private and public investments of approximately 5 hundred billion of euros. this represents around 4 % of last year's gdp at the eu level an amount that could already trigger a new investment momentum in europe. * * * such large - scale investments require the mobilization of various funding sources : from bank lending capital markets and public funds. banks are still the main source of financing for european enterprises. as supervisors, we encourage them to : systematically assess disclose and manage the climate risks in their portfolios. we – central banks - try to be a good example : in terms of greening of our own investment portfolios and in terms of disclosure of our carbon footprint. climate change considerations are also part of monetary policy decisions as they can affect price stability and financial stability for that matter. * * * capital markets are expected to play a key role in mobilising and allocating financing to green projects. after the european investment bank issued the world's first green bond in 2007, the global green and esg bond markets have expanded significantly but they still represent a low percentage of new bond issuances. there are plentiful needs and incentives for vast green and other investment but there are also constraints, domestic and those at the global level. * * * 2 / 3 bis - central bankers'speeches dear speakers and panellists, dear guests, i believe that today there will be an excellent opportunity to shed more light on these questions and challenges and to discuss what each of us can - and should – do to contribute to greener and more sustainable policies. by that i'm giving the floor to co - hosts of todays conference the european investment bank, dear ricardo, the floor is yours. 3 / 3 bis - central bankers'speeches

but, given the importance of price stability, a well - functioning banking system and, let us remember, central bank ’ s macroeconomic expertise as a useful asset for other central government bodies, we also consider it important to engage in a constant exchange of expertise and knowledge with central banks of developing and emerging countries. most recently, the financial crisis has significantly affected the activities of technical central bank cooperation – all the more so as the bundesbank is a valued partner in dialogue in this regard. in terms of its geographical scope, the activities of our central bank cooperation currently cover eu accession and candidate countries, successor states of the former soviet union, central asia and china. furthermore, the bundesbank is committed to continuing its support for the federal president ’ s programme “ partnership with africa ”. in sum, it is in contact with almost 90 central banks – many of which are represented today at this conference. of course, the bundesbank is not the only supplier in this field. we are therefore especially pleased to welcome members of the counterparts of our own technical central bank cooperation from the ecb and other central banks of the escb who are also attending this conference. admittedly, exporting our “ central bank philosophy ” is a major motive behind our efforts in this domain. many of you will agree with me that central banks have become both the most modern and most reliable public institutions in many developing, emerging and transformation countries. the bundesbank will therefore continue to actively cooperate with its partner central banks. the first 20 years of the bundesbank ’ s technical central bank cooperation are a story of success and i am confident that the story will go on. 2. global imbalances globalisation and, therefore, greater macroeconomic interconnectedness have increased the wealth of nations. nevertheless, over the past decade, globalisation has also been accompanied by growing current account and financial imbalances. while the financial crisis has been associated with a narrowing of imbalances, recent data suggest that this development has started to go into reverse, at least partially. in view of their global importance, i would like to focus my remarks today on these global imbalances, and i am looking forward to discussing these issues with this global forum afterwards. current account imbalances are not a bad thing per se. on the contrary, from the viewpoint of a single national economy there may be good reasons for temporary surpluses or deficits. a surplus or deficit merely reflects a discrepancy between