Conclusion A market in the transition to a net zero world is being built. It will reveal how the valuations of companies could change over time as climate policies adapt and carbon intensity declines. It will expose the likely future costs of doing business, of paying for emissions, and of tighter regulation. It will help smooth price adjustments as society’s opinions and government policies change. As countries build their policy track records and their credibility grows, the financial system will amplify the impact of those policies and pull forward adjustment to the net zero carbon future, Consistent with the ambitions of America’s Pledge, the next year will be critical to mainstreaming sustainable finance. 4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4
These have now been delivered to help ensure that the Bank is prepared for emerging and future technologies, participants, and relationships across the payments value chain. Firstly, our regulatory perimeter has recently been expanded to allow us to supervise critical service providers to recognised payment systems and we have started supervision of our first service provider, VocaLink, who provides critical services to the Bacs, Faster Payments and LINK systems. It is important to be clear here that this change does not, in any way, replace the role of the scheme operators in managing their risks. Indeed we do not expect scheme operators to change how they work as a result. Instead, we see this supervision as a complementary corner stone supporting financial stability. We published our supervisory approach to service providers in February, setting out how we will use 5  international principles that are specifically tailored for this type of firm. Secondly, we worked with HM Treasury to further widen our regulatory perimeter to include non-interbank payment systems through the Digital Economy Act 2017. We are now in a position where a non-bank payment system, for example a ‘FinTech’ payment system whose users are not banks, can be brought under the Bank’s supervision, should one become systemically important to the UK financial system. 6  On both of these changes, the Bank has worked extensively with the other UK authorities to make sure our regime is future-proof and well-equipped to keep pace with and respond quickly to a payments landscape that continues to change shape.