Five years ago, governments from nearly 200 countries made a promise. To keep the earth safe and inhabitable for future generations. Today, we must face the fact that we are running behind schedule to deliver on that promise. The tragedy is that the tragedy is no longer at the horizon. The tragedy is now.
And in particular by market-based finance. For the avoidance of doubt, market-based finance is the raising of equity or debt through the financial markets rather than through the banking system. The growth in market-based finance is a positive development. It provides a useful alternative to bank financing and can facilitate risk-sharing across the financial system. However, it is important that capital markets are resilient.