Is this perhaps why there is less incentive to implement measures today? To mitigate greenhouse gas emissions, the most important measure is the work conducted in the political arena, together with the development of more environment-relatedly friendly technologies. At the same time, the authorities, private individuals and companies must address a new type of economic risk, climate risk. Climate risk includes physical climate risk and transition risk. Physical climate risk is associated with uncertainty about the economic consequences of higher temperatures and more extreme weather. There is a not insignificant probability of an outcome that is far more severe than the Paris Agreement is aiming for. Even if such an outcome does not materialise, and even if mitigation measures are able to limit the extent of the damage, the economic consequences could be considerable. Poor countries in the Global South will likely be hardest hit. Chart: Insurance payouts after natural disasters Norway is in a less vulnerable position, but we see that the weather is changing too. River and coastal flooding has increased and the damage caused is more severe, as reflected in insurance claims payouts. Over the past ten years, annual insurance payouts for climate-related flood and storm damage have been on average about five times higher than in the 1980s. Transition risk is associated with the economic consequences of the transition to a low-carbon economy.
Dimitar Bogov: Payment systems and market infrastructures Speech by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, at the 10th jubilee edition of the NBRM's Conference on Payments and Market Infrastructures: Drivers of European Payment Integration - Innovations and Cooperation, Ohrid, 5-7 July 2017. * * * Distinguished guests, Ladies and gentlemen, It is a great pleasure for me to address you on the 10th jubilee edition of the Conference on Payments and Market Infrastructures. Organizing this Conference has become a valuable tradition of the National Bank of the Republic of Macedonia. We take great pride for being able to host it all these years. This notable anniversary is an opportunity to look back and reflect on the beginnings, to honor the achievements we have made so far and set the road for future growth and development. The history of the Conference dates back to 2008 set as a joint project with De Nederlandsche Bank who is our partner in this journey from its very beginning. I feel the need to credit for it the enthusiasm of Toni Mircheski, Deputy Head of the Payment Systems Department within the NBRM, Mr Michiel van Doeveren and Mr Paul Osse from De Nederlandsche Bank for initiating and organizing the very first conference.