yi gang : proactively implementing the philosophy of green development to peak carbon emissions before 2030 and achieve carbon neutrality before 2060 keynote speech by mr yi gang, governor of the people's bank of china, at the 14th lujiazui forum " global financial opening - up and cooperation : new drivers for economic recovery ", shanghai, 8 june 2023. * * * distinguished party secretary chen jining, mayor gong zheng, president dilma rousseff, and dear guests, good morning! it is a great pleasure to join you at the lujiazui forum again. first of all, on behalf of the people's bank of china ( pboc ), i would like to extend my congratulations on the great achievements in developing shanghai into an international financial center and the successful convening of this forum! this year's forum is themed on " global financial opening - up and cooperation : new drivers for economic recovery ". green development is an important new driver for economic recovery. i would like to take this opportunity to share my understanding of xi jinping's thought on ecological conservation, and china's efforts in promoting the development of green finance and the international cooperation in this regard. first, we should study and implement xi jinping's thought on ecological conservation in an earnest and profound manner, and make utmost efforts to peak carbon emissions before 2030 and achieve carbon neutrality before 2060 ( the " 30 - 60 " decarbonization goal ). in september 2020, president xi jinping announced at the united nations general assembly that china would strive to peak carbon emissions before 2030 and achieve carbon neutrality before 2060. since then, the central government has made a series of major arrangements to achieve the " 30 - 60 " decarbonization goal. to achieve this goal, china must achieve the most remarkable reduction in carbon intensity and realize the transition from carbon peaking to carbon neutrality within the shortest time in history around the world. this is a wide - ranging and deep - going social and economic change, which means china must undergo profound changes in all aspects such as industrial structure, energy structure, production mode, and way of life. among these factors, green finance will play an important role in the smooth realization of the goal. second, the key to achieving the " 30 - 60 " decarbonization goal lies in addressing the negative externalities of carbon emissions and cutting the green premium. 1 / 5 bis - central bankers'speeches to

all financial companies. under the proposal, financial companies subject to the concentration limit would include insured depository institutions, bank holding companies, savings and loan holding companies, foreign banking organizations, companies that control insured depository institutions, and nonbank financial companies designated by the fsoc for federal reserve supervision. consistent with section 622, the proposal generally defines liabilities of a financial company as the difference between its risk - weighted assets, as adjusted to reflect exposures deducted from regulatory capital, and its total regulatory capital. firms not subject to consolidated risk - based capital rules would measure liabilities using generally accepted accounting standards. we anticipate finalizing this rule in the near term. credit risk retention section 941 of the dodd - frank act requires firms generally to retain credit risk in securitization transactions they sponsor. retaining credit risk creates incentives for securitizers to monitor closely the quality of the assets underlying a securitization transaction and discourages unsafe and unsound underwriting practices by originators. in august 2013, the federal reserve, along with several other agencies, revised a proposal from 2011 to implement section 941. the federal reserve is working with the other agencies charged by the dodd - frank act with implementing this rule to complete it in the coming months. rationalizing the regulatory framework for community banks before closing, i would like to discuss the federal reserve ’ s ongoing efforts to minimize regulatory burden consistent with the effective implementation of our statutory responsibilities for community banks, given the important role they play within our communities. over the past few decades, community banks have substantially reduced their presence in lines of businesses such as consumer lending in the face of competition from larger banks benefiting from economies of scale. today, as a group, their most important forms of lending are to small - and medium - sized businesses. smaller community banks – those with less than $ 1 billion in assets – account for nearly one - fourth of commercial and industrial lending, and nearly 40 percent of commercial real estate lending, to small - and medium - sized businesses, despite their having less than 10 percent of total commercial banking assets. these figures reveal the importance of community banks to local economies and the damage that could result if these banks were unable to continue operating within their communities. banking regulators have taken many steps to try to avoid unnecessary regulatory costs for community banks, such as fashioning more basic supervisory expectations for smaller, less complex banks and identifying which provisions of new regulations are relevant to smaller banks. in