gathered here : 4. the first involves further bolstering financial inclusion in trinidad and tobago. our country became the 100th member of the international body, the alliance for financial inclusion ( afi ) in 2013. afi ’ s main role is to strengthen the ability of individuals across the globe — especially low income persons in remote page 2 of 5 areas — to safely and meaningfully participate in organized financial activities. in certain parts of africa, east asia and latin america many communities are effectively cut off from the banking world — most transactions are by barter, or cash, and few persons have or even know what a bank account is. trinidad and tobago is somewhat different — we do have a widespread banking presence due to the country ’ s income level, our relatively small size and our long history with banks. nonetheless, we still need to work more on encouraging, embracing and keeping the participation of several communities in the formal financial sector. in this regard, it is important for banks to pay particular attention to the specific needs of the young, the elderly and the differently abled among others as you roll out your array of services and outfit your facilities. we at the central bank are boosting our national financial literacy program in 2017 / 18 ; we are happy to partner with batt in common areas so that the man in the street has a better understanding of the importance and the options available for savings, investments, budgeting, retirement planning as well as the potential risks in the financial world. 5. a second issue relates to transparency and fairness in dealing with customers. as we develop as a society, financial transactions can tend to become more complex and opaque — sometimes you get the impression that you need to enlist a senior counsel to get you through the fine print of the contract for setting up the most basic savings account! it is therefore imperative that banks and other financial institutions commit to meaningfully simplifying their agreements and making every effort to ensure that their customers understand the terms and conditions. we at the central bank are encouraged by the relaunch of the banking code of practice a few days ago, but like mr. stoddard, the financial services ombudsman, we look forward to the principles of transparency and fairness being page 3 of 5 applied fully in practice. one specific example i would call to mind is the guideline on the mortgage market, jointly developed between the central bank and batt, to cover information disclosure and predictability in the adjustment of interest rates on loans on what for most

risks. notably, last year, the ecb and national competent authorities conducted the first climate risk stress tests, albeit recognizing that this process is still in its infancy. however, these stress tests revealed that banks derived just under a fifth of their interest income from carbon - intensive sectors. for commercial banks and the broader financial system, addressing climate change presents not only challenges but also opportunities. the transition to a greener society demands substantial significant investments, and the financial sector, especially banks, will play a key role in providing the financial resources required to achieve this transition. dear ladies and gentlemen, as i have outlined, numerous challenges lie ahead, underscoring the importance of today's debate. our conference seeks to address the question of how we can finance the sustainable transition to a carbon - neutral economy. we will explore the indispensable roles that financial institutions and businesses must play in this transformative journey. to commence our discussions, we are honoured to have opening remarks from the vice - president of the european investment bank, teresa czerwinska. our keynote speakers include debora revoltella, chief economist of the european investment bank, who will share the latest research findings on investments in slovenia, with a specific focus on climate change. additionally, katja koren, director of banking operations at the bank of slovenia, will shed light on our institution's practices in socially responsible and sustainable investing. at the heart of our event lies a panel discussion, moderated by my colleague vicegovernor tina zumer featuring distinguished experts from various sectors. let us engage in a fruitful debate, for together, we can drive the change our world urgently needs. thank you. 2 / 2 bis - central bankers'speeches