response to the covid - 19 crisis, in particular the use of additional monetary policy ( amp ) tools like large scale asset purchases ( lsap ) resulted in a significant increase in system liquidity in new zealand and in other comparable jurisdictions around the world ( figure 3 ). in new zealand, this necessitated a change to our monetary policy implementation framework, as explained in my speech to this conference last year and further outlined in a recently published bulletin. unclassified unclassified figure 3 : exchange settlement balances 4 individual settlement account ( esas ) holders can influence their own settlement cash balance, but the level of liquidity in the system is ultimately controlled by the rbnz. it is also subject to influence from the borrowing, revenue raising, and spending activity of central government. as amp tools continue to unwind over the next few years, we can expect the scl to decline. ultimately this will require more active management of the scl by the rbnz to ensure that there is sufficient system liquidity, as was the usual practice pre - pandemic. the return to a sufficient liquidity environment from an abundant liquidity environment is one that several central banks around the world are contemplating. there are some different approaches being considered around how system liquidity is best managed close to the “ sufficient ” level5. to that end we have commenced an internal liquidity management framework review which will consider the future management of system liquidity. as i discussed in my speech last year, we expect the “ floor ” system of monetary policy implementation to remain robust under different levels of settlement cash. but there is more to be learned about where the sufficient level of settlement cash is and how it changes over time. our liquidity management framework review will also consider how we manage system liquidity in a crisis. the review will address questions such as : do we have the right toolkit of facilities and operations and how do we calibrate these to best effect? the first part of our liquidity management framework review will focus specifically on the deployment of rbnz tools and facilities that had the objective of quelling market dysfunction in the covid - 19 crisis. whilst the lsap programme was a tool of monetary policy, it was also very important in restoring market functioning. other tools were also deployed alongside lsap at the peak of market dysfunction in 2020, including our bond market liquidity support ( bmls ) scheme and the term auction facility ( taf ). in addition to looking at

will take ongoing collective effort from the public and private sector, and through appropriate incentive structures. for example, in 2017 fiji issued a sovereign green bond. 13 in 2019 the asian development bank launched in fiji an action plan for healthy oceans. their plan is to finance ocean health and marine projects up to $ 5 billion from 2019 to 2024 for asia and the pacific, including co - financing from partners. 14 and, the new zealand super fund is one of 18 founding members of the pacific banking the economy in post - covid aotearoa, a speech delivered by deputy governor geoff bascand to banking industry representatives in wellington on 31 july 2020 un environment programme https : / / www. unenvironment. org / news - and - stories / press - release / cut - globalemissions - 76 - percent - every - year - next - decade - meet - 15degc grantham research institute on climate change and the environment, climate change and the just transition a guide for investor action https : / / www. unpri. org / download? ac = 9452 the role of ocean finance in transitioning to a blue economy in asia and the pacific https : / / development. asia / explainer / role - ocean - finance - transitioning - blue - economy - asia - and - pacific adb launches $ 5 billion healthy oceans action plan https : / / www. adb. org / news / adb - launches - 5 - billionhealthy - oceans - action - plan islands investment forum ( piif ) actively sharing expertise on how to integrate climate change into investment strategies. regulatory policy is another tool to drive transformational change. at the reserve bank we are playing our part in contributing to new zealand ’ s climate response. for example, we are contributing to the sustainable finance forum, submitted on the zero carbon act15 and are contributing to the development of new zealand ’ s first national adaptation plan. we also support the proposal for mandatory disclosure of climate - related financial risks. 16 more good quality, comparable information being disclosed by the firms we regulate is critical to climate change management. and we are taking every opportunity to highlight the risks to financial stability from climate change and the need for an effective response. for example, our bi - annual financial stability reports17 have highlighted the systemic risks from climate change and this focus will continue. in the last month we highlighted climate risks amongst audiences such as the nz australia chartered accountants, the new zealand bankers ’