the techsprint 2021, which we have just launched. this is a global competition in the form of a long hackathon, where we seek out the potential of modern technologies, combined with new data and other innovations, to solve some of the most pressing challenges in green finance. we are inviting the international community of innovators, start - up creators, developers, data scientists, and designers to investigate and develop the best solutions to some issues in the field of sustainable finance, which will allow us all to achieve better and greener economies. initiatives like the techsprint are essential in encouraging bright, and often young, individuals as well as the most ambitious and able firms to take up a challenge that is both global and very complex. thus, these competitions are not only a way of bringing together people from the public and private sectors to focus on shared challenges, but it is also a way to put entrepreneurs and scientists in the driving seat, guiding governments and public authorities in the realisation of the future of finance. as public authorities, we are approaching this initiative with curiosity and with an open mind, as we look forward to seeing what new technological solutions will be envisaged. in this spirit, let me conclude by thanking the participants in this launch event as well as all those individuals and firms that will take part in this competition. i am confident that, through ambitious ideas and the combination of technology and creativity, we will be on the right path to finding the solutions to improve our fragile ecosystem. 2 / 2 bis central bankers'speeches

beyond national borders, as greenhouse gas emissions are, by nature, geographically pervasive. the past six years have been the warmest on record for our planet. the number of disasters caused by natural hazards is rising, resulting in hundreds of billions of dollars of damages in 2020 alone. human - induced global warming has resulted in these events becoming increasingly severe and frequent. addressing climate change is therefore as urgent as ever. in this context, various sectors of the global economy are starting to become more aware of the roles they can play. the financial system is beginning to support the transition towards a “ greener ” economy. investment funds are gradually reorienting their portfolios towards more sustainable companies, which have also proved to be more profitable and resilient. we are seeing some savers change their preferences, opting for instruments such as green bonds or social bonds. central banks are also playing an increasing role, not only through their financial portfolios, but also through their actions as regulators and supervisors. governments and legislators are working towards adapting frameworks and practices to address the multifaceted risks posed by climate change and supporting a shift to more sustainable sources of energies. however, while there is considerable consensus on the need for climate action, much more can 1 / 2 bis central bankers'speeches and needs to be done. filling data gaps and improving firms ’ disclosure is crucial in order to correctly assess climate - related financial risks and to facilitate their integration into investment strategies. reliable scenario analysis must be produced and climate stress testing of the resilience of financial intermediaries should be regularly enforced. central banks can participate in the establishment of a common framework to measure climate - related risks and to integrate them into their risk management practices. national governments should then play the decisive role with a more appropriate calibration of incentives for sustainable investment, taxation and regulation of carbon emission and the removal of fossil fuel subsidies. a significant contribution to the solution of these challenges could also come from technological innovation. technological advancements have always played a crucial role in the selection of more efficient ways of delivering services and products ; they can certainly provide great support to the creation and sustainability of new low - carbon business models. to leverage on the potential synergies between digitalisation, finance and the transition to net zero emissions, the bank of italy, also through its new innovation centre located in milano, and the bank for international settlements innovation hub have organised, within the framework of the italian presidency of the g20, an international contest,