bonds can attract various types of private sector actors if key contractual terms are appropriately set. to attract investors with different expected returns, risk profiles, investment horizons and objectives, the investor base should be expanded. for example, we can aim for a higher level of participation by institutional and private equity investors as well as philanthropic capital. second, highlight best practices and principles to scale up blended finance for climate adaptation and mitigation. these include factors like : an appropriate institutional, legal and policy framework, and regulatory clarity ; a robust climate information architecture for investment and performance risk assessment, comprising reliable and comparable climate data, internationally interoperable taxonomies, and climate disclosures ; and some form of common finance reporting standards that can be used to measure, monitor, verify, and assess impact. third, identify demonstrative projects that showcase good mechanisms available to scale blended finance. our scan of such projects has surfaced some preliminary observations on the key mechanisms to scale blended finance ; standardised documentation to streamline due diligence and project preparation processes and to lower origination costs ; effective currency hedging solutions to address local currency risks ; pooling of investors at the fund or facility level and taking a portfolio rather than individual project approach ; and leveraging on the significant catalytic effect of grants in the upstream project preparation phase. we will study these observations further and present them in detail in the handbook. we must take an ecosystem approach to resolve the climate crisis. getting to netzero requires the real economy and the financial sector to move in lockstep. this requires applying the collective knowledge and resources of governments, central banks, and financial regulators and financial institutions, corporates and individuals. in a small way, this third edition of the green swan conference contributes to this collective effort. let us harness our strengths and coordinate our action across the ecosystem. thank you, and i wish you all a fruitful conference. 5 / 5 bis - central bankers'speeches

are exploring the extent to which financial institutions'transition plans should be considered within the supervisory toolkit and overall prudential framework. while most financial institutions'transition plans have a climate focus, they have different nuances in objectives, ranging from climate risk mitigation to reducing financed emissions to supporting the real economy's transition to net - zero. but there are some common elements to all transition plans which are relevant to supervisors for assessing safety and soundness. the ngfs has completed a stock - take of supervisory frameworks with respect to financial institutions'transition plans. we are sharing the results of the stock - take with the basel committee on banking supervision and the financial stability board, to facilitate greater coordination in the development of transition planning standards. we will publish a report on key findings and next steps that will provide a basis for further work on the role of transition plans in greening the financial system. the next phase of the ngfs'work will develop guidance on transition planning to cater to different supervisors'mandates, toolkits, and prudential frameworks. recognising that there is a spectrum of supervisory mandates, such guidance will be based on a building block approach to aid financial regulators with varying approaches in their review of financial institutions'transition plans or planning process. scaling blended finance to move the needle on global emissions, we need to facilitate the decarbonisation of emerging markets and developing economies. emerging markets and developing economies account for more than half of global greenhouse gas emissions. they are still heavily dependent on fossil fuels for their economic development and energy needs. their energy needs are expected to grow significantly in the coming years alongside economic growth and development. it is not right to hold back their economic growth. rather, we need transition finance to help decouple growth from emissions – through cleaner energy, greater energy efficiency, more electrification, and production processes with a lower carbon footprint. but emerging economies and developing countries face several challenges in mobilising the transition financing necessary for decarbonisation. first, they have fiscal constraints. public debt remains the main source of funding for transition in these economies. but there are tight limits to how much debt these governments can sustainably raise, especially in foreign currencies. 3 / 5 bis - central bankers'speeches second, they have limited access to private capital. they lack depth in their domestic capital markets ; they lack large corporations, and a broad investor base. third, many of their transition projects are only marginally bankable