c ) the increased rate of participation in the labor market is evident in all parts of the country, including outlying areas ( the northern and southern districts ). d ) the rate of employment of israelis is rising in all industries, including the lowtechnology ones ( such as construction, agriculture, hotels and catering, and electricity and water ). e ) the average real wage is rising in all industries, including the low - technology industries. what conclusion do we draw from this? it ’ s very simple : the longer we stick to the path of rapid growth, the more people will be absorbed in the labor market, and the standard of living of all segments of the population will rise. hence the importance of rapid and continuous growth to the economy, society, and the country, as everyone enjoys its benefits. the need to maintain fiscal discipline in order to achieve rapid and continuous growth, the government ’ s strategy – which enables the economy to continue to grow and economic and financial stability to be maintained – must be adhered to. the essence of this strategy is fiscal discipline, alongside the bank of israel ’ s interest rate policy, and the continued process of structural reforms in areas that promote growth and improve the country ’ s social fabric. one such area, possibly the most important, is without doubt education ; hence the vital importance of a comprehensive reform in this field. i turn now to fiscal discipline. in order to escape from the recession that gripped the economy in the early 2000s, the government adopted a fiscal strategy aimed at reducing both the share of its expenditure in gdp, which had reached 52 percent, and also the budget deficit. there were two good reasons for doing so : the need to free resources for the private sector, which is the main source of growth, and the need to reduce the debt burden, which in 2003 had reached 102 percent of gdp and was threatening to undermine economic stability. the situation was so serious that we had to obtain us government guarantees so that we could borrow on the international markets. as a result of that policy, and with the extra advantage of global economic growth, since mid2003 the economy has been growing at an impressive pace of more than 5 percent a year, the debt burden has been reduced to 82 percent of gdp, the government ’ s interest payments on its debt fell by more than nis 10 billion, the government ’ s share of gdp has fallen to below 45 percent, exports are expanding swiftly, the current account of the balance of payments is showing a surplus

against climate change will be won or lost. energy demand in asia is expected to double by 2030 on the back of economic growth, urbanisation, and rising affluence. some 45 million people in southeast asia still do not have access to electricity. fossil fuels will continue to play an important role in meeting the energy demands of asia, at least for the next few years. the key to addressing the tension between development and decarbonization lies in credible and inclusive transition pathways, based on strong public - private partnerships. transition plans should enable progressive decarbonisation that is aligned to net zero goals while taking account of developmental needs and providing support for communities to pivot to new growth opportunities in a green economy. the gfanz asia - pacific network has the potential to spearhead this effort in asia, mobilising banks, insurers, asset managers, and service providers in this part of the world, and facilitating alignment in a credible and inclusive transition towards net zero. i am pleased to be part of this effort as chair of the advisory board of the gfanz asiapacific network, from two perspectives. first, as chair of the network of central banks and financial supervisors for greening the financial system ( “ ngfs ” ), i look forward to opportunities for collaboration between the ngfs and gfanz, exploring further how financial regulators and financial institutions can work together to address climate related risks and advance the net zero agenda. second, from the perspective of the mas, which is actively working with the financial industry to develop green finance solutions, markets, and infrastructure, i look forward to opportunities for partnership between mas and the gfanz asia - pacific network to promote a vibrant green finance ecosystem here in asia. the task ahead is daunting. asia is diverse – across stages of economic development, and across a variety of climate related risks and transition challenges. but the task is hugely purposeful, and if we succeed, transformative. for if we can successfully help asia transition to net zero, it will go a long way in getting the world to net zero. thank you very much. * * * * *