philip lowe : australia'a bank review speech by mr philip lowe, governor of the reserve bank of australia, at a media briefing, sydney, 20 april 2023. * * * good afternoon. i would like to take this opportunity to welcome the conclusions of the review into the reserve bank and thank the review panel for their excellent work. the review has been timely, with the rba facing an increasingly complex world and operating environment. the recommendations will help us deal with this more complex world and will strengthen the monetary policy process and governance of the rba. the review concludes that the rba has a strong reputation domestically and internationally. it also concludes that we have played an important role in the economic success that australia has experienced over recent decades. the panel also notes that the rba has a highly dedicated and professional staff who are focused on serving the public interest. but as times change, we need to change too. this review will help us do this as we strive to promote the economic welfare of the australian people. i would like to particularly welcome the panel's support for the current monetary policy framework in australia. australia was an early adopter of flexible inflation targeting and this approach has served the country well. the 2 – 3 per cent target range is understood in the community and helps anchor inflation expectations. the flexible nature of the inflation target is also important and the panel has some helpful suggestions as to how we can be clearer about how, and when, this flexibility is used. i would also like to welcome the support for the operational independence of the bank. this is a cornerstone of our monetary policy framework and it is pleasing to see the strong endorsement for independence and the suggestions for strengthening it. it is also pleasing to see the support for the council of financial regulators and the ideas for improving current arrangements. i also welcome the explicit recognition of the bank's long - standing responsibility for financial stability. a major change recommended by the panel is the establishment of separate boards for monetary policy and the governance of the bank. i have thought for some time that there was a strong case to strengthen the governance of the rba as an institution. the rba is responsible for many nationally important functions in addition to monetary policy. these include being the banker to the government, the operator of critically important payments infrastructure, the printer of banknotes and passports, and the manager of australia's foreign exchange reserves. so there is a lot more than just monetary policy. under the reserve bank act 1959, i,

remarks given at a panel to launch the third annual america ’ s pledge report, at the 25th annual conference of the parties mark carney governor of the bank of england us climate action centre, madrid 10 december 2019 i am grateful to jennifer nemeth for her assistance in preparing these remarks. all speeches are available online at www. bankofengland. co. uk / news / speeches introduction the accelerating america ’ s pledge report comprehensively documents the scale of change that is needed across our economies to put emissions on a trajectory consistent with building a net zero economy. that will require a more sustainable financial system. changes in climate policies, new technologies and growing physical risks will prompt reassessments of the values of virtually every financial asset. firms that align their business models with the transition to net zero will be rewarded handsomely. those that fail to adapt will cease to exist. now is the time to ensure that every financial decision takes climate change into account. for that change to happen, we need to focus on the three rs – reporting, risk management and return. first, reporting in 2015, g20 leaders tasked representatives from the public and private sectors to review how the financial system takes into account climate risks. we established a task force on climate - related financial disclosures ( tcfd ), chaired by mike bloomberg. four years on, the tcfd has generated a step change in both the demand for and supply of climate reporting. the demand for tcfd disclosure is now enormous. current supporters control balance sheets totalling $ 120 trillion and include the world ’ s top banks, asset managers, pension funds and insurers. the supply of disclosure is responding, with four fifths of the top 1100 global companies now disclosing climate - related financial risks in line with some of the tcfd recommendations. on every recommended metric in tcfd, disclosures have been steadily increasing. three quarters of major investors surveyed are now using available tcfd disclosures when investing. mike bloomberg ’ s path - breaking initiative on climate disclosure is creating the platform to bring sustainable to the finance mainstream. now we must build on this foundation by : first, over the next year, enhancing both the quality and quality of disclosures to make tcfd standards as comparable, efficient and as decision - useful as possible. and, by cop26, exploring pathways to make tcfd disclosure mandatory. all speeches are available online at www. bankofengland. co. uk /