Yet, challenges remain in ensuring that the data is both complete 4/5  BIS central bankers' speeches  and comparable. These challenges are compounded by an increasing need for data at a more granular and disaggregated level. For example, initiatives by the United Nations Capital Development Fund to survey remittance recipients in the Mekong region helped develop a better understanding of relationships between gender and financial inclusion. Yet such data is not available in many other countries. With the large and increasing size of intra-regional migration in this region, there are opportunities to collect and share remittance and migration data at the regional level to complement global datasets. This could be advanced through existing regional forums, including various forums at the ASEAN level. Without good data, we cannot hope to move very far, or with much confidence in efforts to increase the development impact of remittances. In summary, the notion of proportionate regulation has more than one dimension. It should not be mistaken for lighter regulation, nor should it be informed by considerations of size alone. The world is much more complex and regulators will need to find creative ways to better understand and manage that complexity. This is a paradigm shift in the way that regulation is traditionally approached – to one that is more iterative, more inclusive and more discerning. Conclusion Eleanor Roosevelt once said that universal human rights begins in small places close to home – where every man, woman, and child seeks equal justice, opportunity and dignity without discrimination.
Remarks given at a panel to launch the third annual America’s Pledge report, at the 25th Annual Conference of the Parties Mark Carney Governor of the Bank of England  US Climate Action Centre, Madrid 10 December 2019  I am grateful to Jennifer Nemeth for her assistance in preparing these remarks. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  Introduction The Accelerating America’s Pledge report comprehensively documents the scale of change that is needed across our economies to put emissions on a trajectory consistent with building a net zero economy. That will require a more sustainable financial system. Changes in climate policies, new technologies and growing physical risks will prompt reassessments of the values of virtually every financial asset. Firms that align their business models with the transition to net zero will be rewarded handsomely. Those that fail to adapt will cease to exist. Now is the time to ensure that every financial decision takes climate change into account. For that change to happen, we need to focus on the three Rs – reporting, risk management and return. First, reporting In 2015, G20 leaders tasked representatives from the public and private sectors to review how the financial system takes into account climate risks. We established a Task Force on Climate-related Financial Disclosures (TCFD), chaired by Mike Bloomberg. Four years on, the TCFD has generated a step change in both the demand for and supply of climate reporting. The demand for TCFD disclosure is now enormous.