Islamic finance by its very nature has synergies with climate finance in that it seeks to avoid investing in socially detrimental activities.4 The ESG-linked sukuk market, though currently small – only 2.6% of global outstanding sukuk – is fast-growing, and expected to increase to around 5% of the sukuk market in the next 5 years.5 Global annual sukuk issuance itself is estimated to grow at a rate of nearly 7% per year over the next five years, reaching $ in 2027.6 The growth of green and sustainability sukuk over the coming years presents an opportunity for the world to accelerate sustainable investment. The Bank of England's role in supporting the transition to net zero The Bank of England is supporting the transition to net-zero in three main ways. First, through policy advocacy. The Bank of England supports the global objectives of mobilising finance flows consistent with the Paris Agreement and supporting climate-  2/5  BIS - Central bankers' speeches  resilient development. For example, during the Indonesian G20 presidency, the Bank has worked to ensure consistency and comparability in climate disclosure frameworks in its support for the IFRS's ISSB and its draft standards. For the global financial sector to mobilise finance efficiently to support the transition to net zero, we need a transition finance infrastructure to be put in-place. This includes common definitions, climate disclosures, broader government policy and transition plans from across the economy.
Svein Gjedrem: The economic situation in Norway Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Norges Bank, 21 March 2002. Please note that the text below may differ slightly from the actual presentation. *  *  *  Your Excellencies, ladies and gentlemen  The economic outlook  The world economy has been experiencing a slowdown. Economic growth stagnated in the US and the euro area in the last three quarters of 2001. Growth remained somewhat firmer in the UK, but was moderate towards the end of the year. GDP has fallen in Japan. In most countries, public and private consumption fuelled growth in demand, while a fall in capital formation and inventories has exerted downward pressure. Growth in the US economy came to a halt last spring. Overinvestment, particularly in IT and telecom equipment led to low returns on capital and reduced corporate earnings. The stock market declined when growth prospects were revised. The unemployment rate rose. Terrorism and war added to the uncertainty. The US economy is flexible and seldom remains in recession for a long period. There are some signs of an early recovery. Monetary policy and fiscal easing have supported continued growth in private consumption. Equity prices, commodity prices and long-term interest rates have picked up since the sharp decline following the events of September 11. Oil prices plunged by around 40 per cent between autumn 2000 and the end of 2001.