economy. i am not exaggerating when i say that the market for sustainable finance has advanced in leaps and bounds. however, its overall market share is still small. to illustrate this point, the esg share in 3 / 5 bis - central bankers'speeches worldwide bond issuance is only around 2 %. 6 activity in the green bonds market has remained brisk – despite last year's brief retreat and recent investor reports that the " greenium " has disappeared for some deals. indeed, global green bond sales had their busiest quarter on record at the beginning of this year. they increased by more than 30 % year - on - year – despite the market turmoil in march. beyond that, sustainability - linked bonds ( slbs ) are continuing to attract investor attention, but there are also signs of cooling. some slbs have come under scrutiny with investors reporting on a lack of ambition in issuers'esg targets alongside relatively modest penalties if these targets are missed. 7 generally, concerns about greenwashing coupled with insufficient verification – and validation – continue to hold back growth in some esg - segments. in order to meet the goals of the paris agreement, transition financing urgently needs to step up a gear. here, public private partnerships can be an effective tool to draw in more private - sector investments. so let us take the example of a project that finances the development of innovative green technology. here the public sector might take part of the risk by offering equity. this will mobilize private money, because risks will be shared. furthermore, the involvement of the public sector labels the project as " investable ". since fiscal budgets are limited, ppp has to be targeted and temporary. also in the global south investors are lacking, although we see a lot of promising projects. here the instrument of blended finance plays a major role. multilateral development banks and philanthropic investors take part of the risk. here, private investors also need to know whether the project is investable. considering the urgency, the ngfs has launched its own blended finance initiative. it aims to highlight practices and principles for successfully scaling up blended finance. ngfs members are now working towards the cop28 international climate change conference to showcase the deliverables of our blended finance initiative. generally, there ought to be greater transparency surrounding the risks and returns of transition finance. in other words, as the transition framework takes shape and the risk - reward profile becomes clearer, investments will follow. 6 conclusion ladies and gentlemen, let me

the european council to extend the time frame for the correction of excessive fiscal deficits should remain reserved for exceptional circumstances. at the same time, it is necessary to continue, where needed, to take legislative action or otherwise promptly implement structural reforms. structural reforms should, in particular, target competitiveness and adjustment capacities in labour and product bis central bankers ’ speeches markets, thereby helping to generate employment opportunities in an environment of unacceptably high unemployment levels, especially among young workers, prevailing in several countries. combined action on the fiscal and structural front should mutually reinforce fiscal sustainability and economic growth potential and thereby foster sustainable job creation. we are now at your disposal for questions. bis central bankers ’ speeches