should investigate the many questions it raises – and we have started this work at the banque de france –, and then decide on its own merits. iii. green finance, “ a new frontier for the 21st century ” let me now turn to green finance. for me, it is “ a new frontier for the 21st century ”. first and foremost, i would like to pay tribute to the governor of the bank of england, my colleague and friend mark carney, who was a pioneer when he pointed out “ the tragedy of the horizon ” 2 in 2015. much has already been undertaken since then. we are currently witnessing a growing awareness from central banks, supervisors and 2 / 4 bis central bankers'speeches financial institutions about climate - related risks. clearly, green finance and climate risks management have gone from the “ nice to have ” to the “ must have ”, from emotion to reason. in financial institutions, climate change is no longer confined to corporate social responsibility ( csr ) policy. concerning central banks and supervisors, the creation of the network of central banks and supervisors for greening the financial system ( ngfs ) in paris in december 2017 has been a decisive step forward. in 18 months, this coalition of the willing has increased from 8 founding members to almost 50 members and observers from all 5 continents, with the banque de france acting as its permanent secretariat and the active involvement of the bank of england. this momentum has an important meaning : supervisors and central bankers have collectively acknowledged that climate change - related risks are a source of long - term financial risk. in april 2019, the ngfs published its first comprehensive report issuing four recommendations for central banks and supervisors, and two additional recommendations for policy makers. looking down the road, i see three priorities for the near future. first, we will require enhanced disclosures that need to be built on sound taxonomies. the taxonomy framework published by the technical expert group ( teg ) on sustainable finance of the european commission on 18 june is a welcome step. second, we have to better anticipate long - term climate - related risks, through what i call “ the video of the risks ”. we must push for the development of comprehensive climate stress tests in order to build a forward - looking approach of the impacts of climate risks. third, green finance needs to mature and upgrade its professional standards. the financing needs for the energy transition are huge ; in europe alone, it is estimated that an additional eur 177 billion per year will

of the european securitisation framework could also provide insurers with new solutions for diversifying their strategic asset allocation. there is much more at stake here page 3 of 9 than technical discussions over prudential ratios – it is a matter of strategic importance for europe. the development of equity financing is essential if europe is to catch up in terms of innovation. our continent has the resources – private savings ; it also has the needs – investment in the transformations of the european economy. but, unlike the united states, it does not have sufficient financial intermediation between the two. this is precisely the goal of a genuine savings and investments union, as recommended by the draghi and letta reports. and this union is not just aimed at banks, markets, private equity funds or venture capital funds. it needs to rely on you, insurers, as well. ii. an increasing role in the future 1 ) the transformations under way in our society in a world that is changing more rapidly, new risks are emerging. to what extent can they be covered by insurers, or to what extent are they in fact “ insurable ”? i ’ m going to focus here on three challenges. first, the challenge linked to the digital transformation, which has been accelerated by the pandemic. although this transformation is indeed generating opportunities and efficiency gains, it is also making information and operational systems increasingly complex – notably due to fragmentation linked to the growing use of external service providers – and increasingly exposed to sophisticated cyber attacks. the insurance industry needs to maintain greater vigilance over these risks to guarantee its own resilience. the imminent entry into force of the dora regulation is contributing to this. more generally, it is crucial that all firms and citizens can protect themselves against these heightened it / cyber risks. here again, the insurance industry has a predominant role to play, through initiatives to raise awareness, but also by developing cyber insurance. the second very concrete transformation facing the insurance industry is climate change. the biggest direct consequence is an intensification of the physical risks, which translates as a rise in the frequency and cost of insured climate events : we ’ ve just witnessed this dramatically in mayotte. according to swiss re, natural disasters generated total economic losses of eur 295 billion page 4 of 9 in 2024, an increase of 6 % compared with 2023. i and in the latest edition of its climate scenarios, published in november, the ngfs ii – our network for