##ilizing institutions ( the bank of israel and the ministry of finance ) ; improve the coordination and cooperation between the financial regulatory authorities and the stabilizers in analyzing evaluating, developing and operating tools and methods to prevent and reduce systemic risks ; issue warnings when a systemic risk could become a material risk ; make recommendations of measures to prevent or reduce systemic risks that are identified ; and track the actions taken as a result of the warnings and the implementation of the recommendations ( slide 15 ). it is proposed that the staff work for the committee be done by the financial stability division that was recently established in the bank of israel research department, with the aim of acting to promote financial stability which, according to the new bank of israel law, is one of the bank ’ s goals. a stable financial environment, and a financial system in which the public places its trust, are essential for sustainable growth and a continued increase in the standard of living. i am convinced that completing the steps that are currently being taken, including the establishment of the committee as i have outlined, will contribute to the economy ’ s ability to withstand shocks which, by nature, will come. we have the privilege of taking these steps during a period of relative calm and stability, and it is therefore important that we complete them soon. bis central bankers ’ speeches

public investors are developing new investment approaches to manage climaterelated risks and harness the transition opportunities. two relevant examples of these approaches are net - zero strategies and thematic investments. net - zero strategies make it possible to decarbonize investments, reaching net - zero greenhouse gas emissions by 2050. the feasibility of a net - zero target depends on both companies ’ effectiveness in abating their emissions and the asset allocation decisions based on their decarbonization pathways. in the real world, portfolio decarbonization strategies do not immediately avoid emissions from the economic system but they provide incentives for companies by adjusting the relative prices of assets, risk premia and the cost of capital. thematic investments represent a further stream of action, allocating capital to developing new technologies and enabling activities such as renewable electricity production, the improvement of bloomberg, “ esg by the numbers : sustainable investing set records in 2021 ”. available at : https : / / www. bloomberg. com / news / articles / 2022 - 02 - 03 / esg - by - the - numbers - sustainable - investing - setrecords - in - 2021 morningstar manager research, " global sustainable fund flow : q4 2021 " in review, january 31, 2022. energy efficiency and the electrification of the transport systems, which support the energy transition needed to achieve carbon neutrality. the data challenge climate and environmental data are crucial for investors to set their portfolio strategies and manage the related risks. persistent data gaps may hinder the development of green finance, limit efficient market allocation and raise doubts about the greenness of investments. the three main data issues regard their availability, reliability and comparability. 11 some policy initiatives can be particularly effective to address the data issues, such as the convergence towards a common set of disclosure standards, an accepted minimal green taxonomy, and the development of well - defined metrics, certification labels and methodological standards. 12 in the eu, the commission ’ s proposal for a corporate sustainability reporting directive would improve the quantity, quality and comparability of information on corporate sustainability and therefore make it easier to find data for environmental, social and governance ( esg ) investments. 13 the framework developed by the task force on climate - related financial disclosure, the tcfd, is probably the main example of a common standard in this area. its recommendations are currently supported by over 2, 600 organizations, including 1, 069 financial institutions, responsible for assets of $ 194 trillion. last december, the network for