governments in the developing world, unfavorable global climatic trend generally coupled by the lack of sufficient technology, human capacity and fiscal space may further limit the scope of policy requirements that could be extended to them. our coordinated and shared response to climate change must entail a systematic re - profiling and redirecting of global expenditures by both governments and businesses to the developing world. let me remind the audience that the bali road map emphasizes the provision of financial and other incentives to, scale up the transfer of clean energy technologies from the developed to the developing world. nations have also agreed to develop programs designed to scale up investment that will lead to the transfer of technologies to developing economies. while the government is going to be important even critical in dealing with climate change, an even more difficult task involves changing the incentives of the billions of individual consumers and companies in the private sector. consumers will need to reduce the use of carbon intense products and businesses motivated to develop alternatives. getting these incentives right and unleashing private sector innovation has to be a big part of the response. in that respect, if properly coordinated, climate change mitigation and growth can both be pursued at the same time. capturing the needs of countries to mitigate the impacts of climate change, new industries are already rapidly developing. the countries that get the incentives right by creating an environment for the development of these technologies designed are on the right path to becoming economic winners in the next great technological revolution. let us also not forget the most important aspect of any program in mitigating climate change, namely not to leave behind the world poor while countries develop and implement marketbased solutions to mitigate climate change risks. mechanisms for adaptation fund to help poor countries cope with climate change should be part of our partnerships for development. to properly define our role, as central bankers, in such a global effect, we need to spell out as precisely as we can the ramification of the macroeconomic impact of global climate change. as we gather in this room today, the world out there is struggling to deal with a crisis not, in my view, unrelated with the problem of global climate change : the unprecedented food and fuel price surge. unfortunately, it happens as the world finance is also in turmoil. the market consequences of all that have kept central bankers across the globe awake at night from time to time. fellow governors, ladies and gentlemen, before i conclude my remarks, let me reiterate that we live in a truly challenging time. viewed from

a policy maker in a developing economy, i must also say that the threat of climate change may go beyond the usual welfare statistics. if left unresolved climate change and the accompanying twin crises may, in due time, put our shared vision of a free, open and democratic globe at risk. let me now end my opening remarks with an expression of confidence that discussions in bank indonesia ’ s 6th annual international seminar will certainly be prolific and enrich our understanding of the macroeconomic impact of climate change. i am looking forward to this seminar ’ s policy recommendations. lastly, enjoy your stay in bali! i do hope your stay in this warm and hospitable island of gods fashions you with lasting pleasant memories of indonesia. thank you.