2024 if they wish to avoid being subject to sanctions. the role of supervisors in monitoring and assessing efforts to incorporate climate risk into the management of financial institutions will be strengthened by the revised capital requirements directive ( crd ) and the requirement for banks to develop prudential transition plans. the exact content of these plans is currently being defined by the eba and eiopa. they will have to reflect both transition and physical risks, and their robustness will be assessed by the supervisor. finally, the banque de france and the acpr continue to participate in both european and international efforts, particularly to take greater account of climaterelated risks in prudential regulations, still using a risk - based approach, and more generally to improve knowledge and understanding of nature - related risks. 3. services to the economy and support for businesses in 2019, the ngfs clearly stated that climate risks are above all a societal and human risk, but also a financial risk. " as central bankers and supervisors, we therefore have a duty to concern ourselves with climate change in order to perform our monetary and financial stability mandates " ( f. villeroy de galhau ). the increasing risks associated with climate change are creating major challenges even for businesses. as such, to round out france's ecological planning strategy, the ecological transition financing committee ( cfte ) has tasked the banque de france with " devising a national climate indicator for businesses ". the aim of the climate indicator project is to provide companies with a free assessment of their transition, their exposure to climate hazards and the extent to which they are incorporating climate issues. 6 [ slide 11 ] the climate indicator, which aims to cover all aspects of climate risk, is broken down into three dimensions : 4 / 6 bis - central bankers'speeches transition ( ict ), drawing on ademe's accelerate climate transition methodology ( act ), measures alignment with a low - carbon world. 7 it compares the business's greenhouse gas emissions trajectory, projected on the basis of tangible actions in its transition plan, with its baseline trajectory, built around its activity volumes and sector baselines. 8 physical risks ( icp ) predict future trends in various climate hazards ( heatwaves, precipitation, hail, fire, drought, snow / frost ) projected under the ipcc's ssp2 - 4. 5 scenario, in the geographical areas to which the business is exposed. maturity ( icm ) reflects a more qualitative assessment of the company and

in this innovation momentum : in 2018, it launched its instant payment settlement service ( tipsviii ), whose monthly volumes rose tenfold in 2022. in october 2021, it launched an investigation phase of a retail digital euro ; the governing council will decide at the end of the year whether and how to proceed. it won't be a " cliff decision " : a realisation phase will instead aim at preparing gradually and with experiments for a possible issuance by 2027. in a complementary manner, since 2020, the banque de france and the bis innovation hub have been conducting experiments on a wholesale cbdc, which attracts less public interest but has strong business cases. today, i say this to commercial banks : don't be afraid! if a cbdc is needed and decided as a matter of public interest, don't oppose it. but participate actively in setting its designing, its parameters and mode of operation. there is no question of disintermediating existing or future private financial players. money has for centuries been a positive and innovative partnership between public and private players. notwithstanding our sometimes unwarranted old fashioned image, we central banks are keen to continue succeeding in our innovator's role with the private sector, not work against it. all economic agents need an anchor that guarantees the trust in the value of money, and central banks are the only ones fully able to preserve it. * * * to conclude, we are about halfway through a fascinating bildungsroman that has already offered many surprises, and will probably offer many more. as a committed reader and even stakeholder in this novel, i strongly hope that the plot overall unravels in the consistent way i described earlier. i could have quoted one of our famous french bildungsroman, such as sentimental education by flaubert, but i will give primacy to the german master goethe, who created the genre with his wilhelm meister's apprenticeship : " one ought, every day at least, to hear a little song, read a good poem, see a fine picture, and, if it were possible, to speak a few reasonable words. " i have endeavoured to follow this last piece of advice with this speech. thank you for your attention, and have a good conference! i see the fis worldine global payments report 2022 as regards europe and asia, and the fsi insights on big tech interdepency – a key policy blindspot ( july