key in determining the pace of change. third, the financial sector can also be an agent of change, because of the three important roles it can play. firstly, it can directly influence resource allocation by internalizing climate change in its core business decisions i. e. lending, investment, and fund management. secondly, it can indirectly influence resource allocation by developing supportive financial services, markets, risk management and investment products that assist the adaptation process, for example, through the development of insurance products, weather derivatives, and “ cat ” - bond, and also assist the mitigation process through trading of carbon credits and allowances. the scope for business opportunities on these two fronts are many, and are open for all segments of the financial system, ranging from commodities services to corporate finance, to investment banking, and retail banking. and thirdly, financial institutions can also engage climate change in its business agenda as part of the corporate social responsibility ( csr ). increasingly, we are seeing pressure from stakeholders, pushing banks to become more engaged with the issue. and financial institutions have responded by paying more attention to their own exposure to climate risk, developing communication and business strategy that incorporates climate change, and engaging bank management and employees on the issue as part of the corporate social responsibility. up to now, globally, evidence of the financial system ’ s response to climate change is positive, but still very much in an early stage. on lending, for example, fifty - four internationally - based banks have signed the equator principles which integrates environmental considerations into project finance. banks like citi, merrill lynch, credit agricole and hsbc have developed specific climate considerations on lending. but for developing and emerging market economies, evidence on environmental lending by domestic banks and by micro - finance institutions is more limited compared to international development banks and subsidiaries of international banks. on market development, clean development mechanism ( cdm ) market growth is impressive and this has been the key driver of growth in primary and secondary trading in carbon market. on the issue of csr, banks have done relatively less to elevate climate change as a governance priority. for example, only twelve out of forty of the world largest banks have board - level involvement in climate change initiatives. but in terms of banking operation, a growing number of banks are calculating carbon risk in their loan portfolios, with twenty - four banks having set greenhouse gas reduction targets for their internal operations. also, an increasing number of banks are recognizing climate change risk in response to

high technology machinery, employee training as well as research and development. in order to support this, the public sector and bank of thailand can improve accessibility to sources of funds, especially for smes, and lower the costs of long - term investment. ladies and gentlemen, the bank of thailand pursues economic growth as part of its commitment to sustainable well - being. economic growth, as discussed today, is maximized by keeping growth close to potential as well as lifting growth potential itself. the central bank can contribute to growth potential by stabilizing the overall economy. the bank of thailand has looked after growth, price, and financial stability during the downturn, leaving the economy on a more confident track to recovery. as for raising growth potential, cooperation of all sectors is needed, while the central bank provides a favorable financial environment which is prerequisite. in the football game of the economy, the central bank acts as center back. in order to safeguard stability during the recent circumstances, we have played a proactive role due to high economic uncertainty. now that political and economic clarity is higher, the central bank will play a supportive role. at the back we can clearly see the whole field and choose a path to support the team ’ s offense, especially now that the government has gotten back to its position as the play maker to assist the private sector to reach the goal of achieving growth potential. thank you. bis central bankers ’ speeches