than the previous record reduction during the financial crisis, and twice as large as the combined total of all previous reductions since the end of world war ii. this makes you think : do we really need to speed up the energy transition? the answer is yes. the effects of climate change are irreversible and so we cannot afford to wait. in order to limit warming to less than 1. 5 degrees above pre - industrial levels, analysts estimate that global emissions need to fall close to this year ’ s drop every year for the coming decade. at the same time, history shows that after an economic slowdown, co2 emissions pick up at the same, and often even higher rate. we are indeed already starting to see emissions increasing again. the pandemic has shown us one way to reduce emissions : by sweeping restrictions on daily life and massive disruption of economic activity across the globe. when rebuilding our economies, we need to take decisions to reduce emissions in an orderly way, without disrupting our economies. otherwise the climate crisis will be tomorrow ’ s base scenario and, unlike covid - 19, no one will be able to self - isolate from it. in the immediate response to the pandemic, governments have taken measures of unprecedented scale to keep economic and financial systems afloat. the imf estimates that approximately $ 9tn of fiscal support has been provided across the world. following the global financial crisis, only a fraction of fiscal spending improved sustainability. this time, governments ’ stimulus packages need to be more ambitious. so far, stimulus measures are understandably mainly focused on limiting acute and permanent damage to the economy and not on making the economy greener. the so - called greenness index tracks the contribution ( or damage ) of the stimulus measures to the environment. it shows that in 15 of the 18 countries considered, potentially damaging flows for the environment outweigh those supporting nature. as we consider the next stage of recovery, we must look beyond the immediate crisis and think more strategically about how to recover. rebuilding the brown past, will delay a green future. it will increase the bill for future generations. and increase the physical and transition risks for the financial sector. fout! onbekende naam voor documenteigenschap. therefore, we should recover from this crisis, while seeking the opportunities to make this recovery as green as possible. green recovery : how? since we are here today with governments, central banks and supervisors from all over the world,

april, danmarks nationalbank was able to lower its discount rate to 1. 75 per cent – the lowest level since the establishment of danmarks nationalbank in 1818. although the lending rate is slightly higher, the short - term interest rate is historically low. long - term interest rates have decreased less than policy rates. the central banks of several countries, including the uk and the usa, are buying back bonds to force down long - term interest rates in order to stimulate the economy. it remains to be seen whether the european central bank will steer a similar course. if it does, long - term interest rates in denmark could also be affected. it is essential that the current extraordinary stimulus measures do not increase long - term inflationary expectations as this would create problems for the economy in the longer term as a result of measures to mitigate the current crisis. thanks to the low policy rates, the banks can borrow from danmarks nationalbank at low cost. but danmarks nationalbank is by no means the only source of financing for danish banks. the financial crisis has generally made it more difficult for the banks to obtain financing in the international money and financial markets. this has entailed higher financing costs. the importance of the international money markets as a source of financing has grown over the last 10 years as growth in the banks'deposits has lagged behind growth in lending. the higher financing costs have been passed on to the banks'customers. since last autumn, the banks have again reduced their interest rates somewhat. the decline in deposit rates has more or less mirrored the reduction in policy rates, while lending rates for households and the corporate sector have declined a little less. the result is higher interest margins for the banks, at a time when losses are expected to increase for a period to come. in addition, the banks'contribution to the financing of the government guarantee under bank rescue package i will amount to kr. 35 billion. danmarks nationalbank's interest rates are guidelines for the banks'interest rates, but a one - to - one relation should not be expected. the credit terms for bank and mortgage customers have been tightened further since last autumn. this is evident from danmarks nationalbank's latest bank lending survey. the tightening has been most pronounced for corporate loans. in the survey, the respondents give the more gloomy risk outlook as the main reason. the risks have proved to be greater that the institutions expected three months ago. the mortgage - credit institutes also state the supplementary