sum up. the financial sector plays a key role in accelerating the transition to a net - zero economy. this offers long - term opportunities. companies and financial institutions will benefit from transition plans. these need to be credible, accountable and actionable. net - zero transition plans should neither be window dressing nor a boxticking exercise. on the contrary, they should be part of a broader organisational strategy and firms'risk management. after all, it is in companies'self - interest to perform a forward - looking, rigorous and honest assessment. therefore, i encourage you to get on with your own 4 / 5 bis - central bankers'speeches net - zero transition planning. in the same spirit, private and public stakeholders ought to learn from each other and find common ground internationally. the new eu green bond standard is an excellent example of good cooperation. as we all know, the icma is a global pioneer in the field. in this capacity, it has contributed significantly to the creation of european green bonds. by listening to each other and learning from each other, market - based standard setters and regulators can drive progress. let us keep up this spirit and work together for a more sustainable future. 1 https : / / www. imf. org / en / publications / staff - climate - notes / issues / 2022 / 07 / 26 / mobilizing - private - climate - financing - in - emerging - market - and - developing - economies - 520585. 2 https : / / assets. bbhub. io / company / sites / 63 / 2022 / 09 / recommendations - and - guidance - on - financial - institution - net - zero - transition - plans - november - 2022. pdf 3 https : / / assets. bbhub. io / company / sites / 60 / 2021 / 07 / 2021 - metrics _ targets _ guidance - 1. pdf. 4 corporate sustainability reporting directive 5 network for greening the financial system : ngfs scenarios for central banks and supervisors, september 2022. https : / / www. ngfs. net / sites / default / files / medias / documents / ngfs _ climate _ scenarios _ for _ central _ banks _ and _ supervisors _. pdf. pdf. 6 bundesbank calculations, centralised securities database ( csdb ) 7 imf climate finance monitor q1 2023 : https : / / www. imfconnect. org / content / dam / imf / news

sabine mauderer : transition plans – the next step on the path to net zero? speech by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the annual general meeting of the international capital market association ( icma ), paris, 26 may 2023. * * * check against delivery 1 welcome dear ladies and gentlemen, i am delighted to be here with you today at the palais brongniart. this place was home to the french stock exchange for almost two centuries. the buzz and excitement of the former trading floor can still be felt today. stock exchanges not only produce winners and losers. they also serve a vital role in the functioning of the economy. namely, they provide a marketplace for capital seekers and investors, and maintain the infrastructure for a broad range of investment products. stock exchanges hence also play a vital role in mobilising capital for the transition. indeed, capital needs are high in order to meet the targets under the paris agreement. estimates of the global investments needed to achieve the paris agreement's temperature and adaptation goals range between usd 3 to usd 6 trillion each year through till 2050. 1 spurring investments of this scale requires not only an enabling environment, but also the right regulatory incentives. the eu taxonomy is a starting point, as it provides investors with reference points for their decision - making. nevertheless, the eu taxonomy can be quite complex and currently does not adequately reflect the idea of transition financing. one of the most urgent challenges will be to assist carbon - intensive companies decarbonise. raising financing for businesses that are not yet green and which may never be fully green – that is the hard bit. it is also the focus of my speech today – moving from ambition to action. 2 transition plans in this regard, transition plans can be a powerful tool. they outline the concrete steps that firms are planning to take in order to align their strategic actions with a world that is moving towards net - zero. simply put, a transition plan can help investors to assess whether a company or a project is investable. the same goes for financial institutions, which will be the authors and users of transition plans at the same time. naturally, their own transition plans will only be as good as those of their corporate clients. by means of transition planning, financial institutions can align their business lending with their own transition pathways. 1 / 5 bis - central bankers'speeches the benefits of net - zero transition plans are clear. what is less