share that our next milestone will be the development of a " national green taxonomy " in coordination with relevant stakeholders. this will facilitate financial institutions in identifying, and financing green projects and reporting their green finance portfolios to sbp and public. this will also lay - out the groundwork for development of green bond and sukuk market in pakistan. in my concluding remarks, i would like to re - iterate that financing for sustainable development has a pivotal role to play in achieving a resource efficient and climate resilient economy. at the same time, given strong macro - linkages with the real economy, the role of environmental & social risk management ( esrm ) is critical for reducing vulnerability to financial system stability. well - coordinated and more concerted efforts are needed to mitigate and manage risks associated with climate change. sbp will continue to analyze climate - related risks and opportunities and devise mechanisms for ensuring effective supervisory role to achieve a sustainable financial system in pakistan. i wish you interactive and productive sessions ahead. thank you! 3 / 3 bis - central bankers'speeches

jameel ahmad : launch of environmental and social risk management manual keynote address by mr jameel ahmad, governor of the state bank of pakistan, at the sustainable banking conference, karachi, 9 november 2022. * * * as prepared to deliver in the event dr. shamshad akhtar, chairperson - pakistan stock exchange board, yaseen anwar sahib, senior policy advisor - ifc, mr. toshio odagiri, consul general of japan in karachi, khawaja aftab ahmed, regional director - ifc, zeeshan ahmed sheikh, country manager pakistan & afghanistan - ifc, banks'presidents and ceos, distinguished guests, ladies & gentlemen, assalam o alaikum and a very good morning. it gives me immense pleasure to addressthis esteemed gathering at this conference on sustainable banking, organized jointly by sbp and ifc with the support from the government of japan. this conference aims at creating awareness about risks associated with climate change to the financial sector and provides a platform for deliberating and identifying tangible actions to effectively mitigate and manage these risks. i would like to express my gratitude to both ifc and the government of japan for joining us in organizing this important event. ladies and gentlemen, i was part of the recently concluded imf - world bank annual meetings held in washington dc and one of the spotlight discussions was regarding the threats of climate change to financial stability. a key takeaway from these sessions was the increased realization that climate change is a global issue, which urgently requires a coordinated global response. the world bank has established a new fund, namely " scaling climate action by lowering emissions " for developing countries, which was launched yesterday at the cop27 event in egypt. the detrimental impacts of environmental degradation and climate change on economic growth are real. we all can observe that the climate change is having its toll on pakistan. the weather patterns are changing and recently we have experienced some abnormally high downpours and flooding, never observed in our history. one - third of our country was underwater and one in every seven persons was displaced. ironically there are variations across countries in how the climate change affects the weather patterns, causes flash flooding, droughts, melting of glaciers and rises in sea levels etc. pakistan is ranked among the top 10 countries most vulnerable to climate change. ladies and gentlemen, the transition to a low carbon green economy requires a shift in production and consumption patterns. in this context, the financial industry can play