- zero scenario results in a contraction of the surpluses for middle eastern countries. conversely, the g - cubed model depicts the same scenario leading to an expansion of the current account surplus. for oil - exporting nations, it is logical to anticipate reduced revenues along the path to net zero. in a forward - looking model like g - cubed, the immediate response is a proactive adjustment by consumers and investors, translating to a short - term surge in current accounts with reduced consumption and investment. [ slide 20 : climate transition impact on trade balances : a tale of two models ] to what extent can we anticipate forward - looking behaviors in the short and medium term? this question carries significant implications for policymakers [ slide 21 ]. relying solely on ex - ante modeling may prove insufficient, and we need to identify proxies that can effectively assess the impact of macro shocks similar to climate or transition - related shocks, be they associated with productivity, cost structures, etc. the progress made in macro - modeling over the past five years has been significant, but the next step is to find a clear answer to these very key questions. [ slide 21 : policy conclusions ] the modeling capacity regarding the impact of the green transition on macroeconomic variables has undergone a very significant upgrade in recent years. nevertheless, a series of fundamental questions are still unresolved, and we should stay attentive to possible divergence among countries or regions following different pathways in the transition process. the synergy of macro modeling and econometric evidence will be key for advancing our understanding and informing effective policy - makers. we hope that cepr scholars will provide insightful answers to these crucial questions. thank you very much for your attention.

based on the work of the european financial reporting advisory group ( efrag ). i hope that the work undertaken by the commission and efrag, but also by the ngfs will serve as a source of inspiration for the issb. * page 5 sur 5 let me conclude with theodore roosevelt, 26th president of the united states who dedicated to preserving natural resources in his country – an innovative thinking at the time, which led him to create many wildlife programs. as early as 1907, theodore roosevelt wrote that “ to waste, to destroy our natural resources, to skin and exhaust the land instead of using it so as to increase its usefulness, will result in undermining in the days of our children the very prosperity which we ought by right to hand down to them amplified and developed. ” in our 21st century, it is high time to take care of our natural resources, for our children ’ s sake – and ours as well. i thank you for your attention. page 6 sur 5 i s & p global ( 2021 ). water stress is the main medium - term climate risk for europe ’ s biggest economies. ii menon, r, bending the curve of nature loss ( keynote remarks at the cop15 finance and biodiversity day ), 14 december 2022 iii elderson, f., interview with the financial times, 8 june 2023 iv deutz et al. ( 2020 ). financing nature : closing the global biodiversity financing gap. the paulson institute, the nature conservancy, and the cornell atkinson center for sustainability. v villeroy de galhau, f., biodiversity, macroeconomics and finance : what we do know, what we don ’ t know yet, and what we have to do, speech, 29 september 2022