. 5 billion ) as at end - march 2010, a compounded annual growth rate of 35. 5 %. while such positive trends are encouraging, we are also mindful of the associated risks, such as non - performing loans, over - indebtedness and consumption of financial products and services that are not suitable for the user. in this regard, efforts towards financial inclusion are always conducted within the framework of sound banking practices, risk management and adequate consumer protection. importance of financial inclusion data in the growth and development of an inclusive economic system policy formulation for financial inclusion is complex for a number of reasons. first, it requires the active involvement of many different stakeholders, in particular government agencies and very often a variety of ngos, as well as financial institutions with specialized skills and knowledge. second, the state of economic and social development of a society is an important determinant on the level and quality of financial inclusion. third, what constitutes acceptable level of inclusion, in terms of access to finance, protection of personal rights and liberties, or assurance of retirement and healthcare benefits varies from one jurisdiction to another. for the reasons that i mentioned, there is no uniform global benchmark that can be used as a successful model for financial inclusion programs. success stories and experiences are dispersed and often go unrecorded and to further the cause we need to reveals this situation. the financial inclusion agenda requires a systematic and internationally - recognized set of financial inclusion indicators that is meaningful and capable of assisting us in formulating developmental policies. furthermore, enormous efficiency gains from the availability of such indicators can both reduce the cost of research and implementation as well as increase the effectiveness of the delivery and execution of the policies. lessons learned in using financial inclusion data in the malaysian context let me to briefly share some of the lessons we have learnt in terms of using data to improve the policy formulation process, and develop a more efficient and inclusive financial sector. perhaps the most interesting example is the development of quality credit data which has enabled financial institutions to make informed and responsible lending decisions in a timely manner and to be able to mitigate serious problems such as fraud. these data have also assisted bank negara malaysia in performing its macro - and micro - surveillance duties and in its policy - making role. the data in this case came from the development of a comprehensive credit registry system. the availability of such data also allows individuals with good payment track records to make a more credible case for access to credit, and helps overcome the limitation of inadequate collateral.

climate continues. july and august 2023 were the two warmest months on record globally and the planet is now on track to reach average warming of 1. 5 ºc by the 2030s. 2 in today's challenging geopolitical environment, it is easy to lose sight of this unfolding climate crisis. but we must remain committed to supporting the green transition. european governments are primarily responsible for addressing climate change. they have the authority, tools and ability to implement the appropriate policies to tackle this crisis. that said, climate change and the protection of the environment are also relevant for the ecb – from the perspective of both our primary and secondary objectives. the ecb therefore remains committed, within its mandate, to playing its part. 3 first and foremost by ensuring that we fulfil our primary objective of price stability. large investments in green technologies are needed to support the transition. and a stable inflation outlook gives firms visibility on investment costs, which is particularly important for green projects in light of their mostly long - term planning horizon. price stability also supports the relative price signal from policies such as carbon pricing, thereby making those policies more efficient. over the past years, we have enhanced our understanding of the economic and financial ramifications of climate change. we published a set of climate - related indicators to improve the quality and quantity of climate - related data. 4 as climaterelated data improve, we are also working to further enhance our macroeconomic models, scenario analyses and risk assessment. this helps us better account for climate risks and the implications that the transition to a carbon - neutral economy may have. as it is relevant to our primary mandate, we are also working to better take into account climate - related financial risk in the eurosystem's balance sheet. in doing so, we are also following our secondary objective, by supporting the green transition of the economy, in line with the eu's climate neutrality objectives. in the implementation of our monetary policy, for instance, our tilting activities have helped decarbonise our corporate bond holdings, and we continue to tilt our reinvestments under the pandemic emergency purchase programme. 5 we recently concluded our one - year review of the tilting framework, and we expect the decarbonisation of our corporate sector portfolios to continue throughout 2023 and 2024 on a path that supports the goals of the paris agreement. there are three main factors driving this decarbonisation process. first, the effectiveness of our tilting approach