##turing, and developing talent must therefore be the number one priority of every financial industry ceo. ibf has been organising these annual conferences – to bring together industry leaders to deliberate on how we can do better in building talent for the industry. today's conference will focus on leadership development – how we can build a robust pipeline of leaders in our organisations and develop our talent base. i wish you a fruitful session ahead and i look forward to your continuous partnership in our common journey of learning and growing in the year ahead. thank you. bis central bankers ’ speeches

without taking into account the environmental cost presents a classic case of the tragedy of the commons. problems caused by climate change and global warming affect all of us. as a country lacking in natural resources, singapore sees a critical need to promote sustainable development. singapore ’ s national research foundation has dedicated significant resources to facilitate research efforts and encourage commercial spin - offs. r & d initiatives have been complemented by both domestic and foreign investment in the areas of sustainable water and solar energy projects. some of you would have read about renewable energy corp from norway, which is building a euro 3 billion plant in singapore for the manufacturing of solar modules. by 2010, newater, our very own water recycling industry, will be able to meet 30 % of singapore ’ s water demand. singapore has also adopted a model to promote sustainable urban design for housing development, environmental management and transportation. for example, singapore is working with china on a project to help develop environmentally friendly townships via the singapore - tianjin eco - city project. access to funding for such projects is the key to the success of developing a sustainable model of urbanization and production of renewable energy. in this respect, i am pleased to note that singapore capital markets has already facilitated the funding of projects such as hyflux water treatment plants in china via a sgx listed business trust ipo completed last year. underlying all the initiatives i have just mentioned is the potential demand for environmentally sustainable solutions. the promise of such solutions, besides in offering economic opportunities, lie in their potential to address the rising challenges of urbanization, increasing energy prices and shortage of clean water. asian businesses should position themselves for the gradual shift towards greener living as such technologies are not only socially acceptable, but also socially demanded. corporate governance before i conclude, let me share one final thought. asian smes, in their bid to become top asian and global companies, should devote attention to corporate governance. a sound corporate governance structure will help to ensure proper management practices, robust internal processes, and prudent controls. in the long term, these practices will help foster a strong reputation and increase the franchise value of the company, paving the way for asian smes to expand into global markets. indeed, global competition will require companies to be held to such high standards, especially those demanded by institutional shareholders. closing to sum up, asia and asian businesses are poised for exciting times in an era of rising prosperity and growth. there will be both challenges and opportunities. one need not be daunted