regulation can unleash innovation. potential first - mover advantages are another incentive to reduce carbon emissions. customers are looking to reduce their carbon footprint along the value chain. that means that the air cargo industry will have to adapt to their customers ’ ambitions to reduce carbon emissions. acting now can give you an edge over your competitors. 3 decarbonising our industries let us take a look at the bigger picture. i have singled out the aviation industry, but ultimately, all industries must move towards net zero. moving carbon - intensive industries towards a low carbon future is at the heart of the transformation. the real economy – small and medium - sized enterprises as well as large multinational companies – need to be the engine driving the green transformation. to decarbonise our economies we need climate - neutral innovations. sustainable aviation fuels are just one example here. it is up to you to develop and implement these innovations. 4 financing the transformation i understand that this comes with a hefty price tag. there is no such thing as a free lunch. so who is going to foot the bill? how can we finance the transformation? this will need a division of labour between the public and the private sector. the public sector takes on parts of the risk. the private sector pitches in. mobilising and directing finance towards sustainable investments is key. over the past years, there has been growing interest in sustainable finance from wholesale and retail investors. demand is far outstripping supply. for instance, the eu ’ s first green bond in october 2021 was hugely oversubscribed. it raised 12 billion euro and attracted record demand of 135 billion euro. [ 8 ] green and sustainable finance resonates with investors. the problem is that it is often not clear what qualifies as green and what doesn ’ t. this ambiguity leaves the door open to greenwashing. investors need to be certain that their money is actually contributing to the transformation. transparency is key. three things are essential to boost transparency : first, a clear definition of sustainable activities. second, good data based on internationally harmonised disclosure requirements, so that companies and financial institutions know which climate - related data they are expected to disclose. and third, financial product standards that can be reviewed by qualified and independent bodies. it is encouraging to see work underway on all these fronts. but this is just the first step. companies need to deliver on their net zero commitments. climate transition plans should explain how companies will adapt as we move towards a

sabine mauderer : gender economics speech by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the g7 cebadi diversity, equality and inclusion summit 2022, frankfurt am main, 4 november 2022. * * * 1 introduction dear central banking colleagues, dear guests, a very warm welcome from me, too. i am very proud that the bundesbank is hosting this year's central bank - hr diversity, equality and inclusion summit. it goes without saying that diversity matters for any institution. and for central banks in particular, as they act on behalf of the wider public. i would like to start today's talk by showing you a photograph of the ecb's governing council. this photo was taken during an informal gathering at a country house hotel outside frankfurt about three years ago. let's take a look. here you can see a group of mostly middle - aged, white european men sitting around a large table. there is also one woman at the table, president lagarde. so, what can we deduce from this? first, decisions are taken by a group. that is positive by itself, because ideally the decision - making process should reflect the different values and perceptions of all members. however, the group appears to lack diversity. true, a person's outer appearance can be deceptive. it does not necessarily tell you anything about his or her value set or perceptions. nevertheless, it is widely acknowledged that diverse teams – - be it in terms of gender, ethnicity or thought – produce a wider range of opinions, leading to better and more robust results. it is also widely acknowledged that a more diverse decision - making body better reflects the blend of values and perceptions of a democratic society. 2 main part what i would like to show you today is that values and perceptions can influence precisely those economic indicators that dominate our decision - making. i will elaborate this point with two examples, starting with the concept of gross domestic product, or gdp. how do we measure economic activities? how do we value them? and what does that tell us about our value structure? as a second example, i would like to show you that humans differ in the way they perceive changes in price developments. 2. 1 gdp 1 / 3 bis - central bankers'speeches undoubtedly, gdp is one of the most prominent economic indicators. it measures most of a country's output 1 of goods and services over a certain period.