The ACPR took a decisive step forward with the very first climate related stress tests, whose results were published in May 20211. A large number of major banks and insurance companies took part on a voluntary basis. The two key takeaways from this pilot exercise are that (i) financial risks are better contained in the context of an early and orderly transition to a greener economy, (ii) all main supervisors should now follow suit, as for instance the ECB and the Bank of England will in spring 2022. When it comes to climate stress tests, learning by doing is much better than waiting for the perfect solution before taking any action. On voluntary disclosure of risks, the TCFD increased its footprint; it now has more than 2,600 supporters (a number that has more than doubled since last year), including more than 50 central banks. The European Union is about to make a significant step forward, as it will implement mandatory disclosure for corporates through a new standard developed by the EFRAG with the Corporate Sustainability Reporting Directive (CSRD), which should hopefully be adopted by mid-2022. Some might always argue – passionately – that Europe and France never do enough. Yes we must do more but we should value the reality of action to rhetorical overbidding. We must avoid discouraging those who are doing the most while excusing those who do the least. I very much hope we will soon have this mandatory disclosure everywhere. I welcome the US endeavour here under the sponsorship of the SEC.
Our objective is now to propose a common set of plausible and differentiated futures, built with the best available science and anchored in the last available IPCC results. Each jurisdiction or region will use them as they want, for their own stress tests and economic simulations, but there is no reason to base 2/4  BIS central bankers' speeches  them on alternative set of scenarios. The purpose of the NGFS is to prepare and publish these common macro financial climate scenarios, just as the IPCC does for physical scenarios. Having this common language, instead of numerous local ones, will make our international discussion much easier. To this end, we are considering several significant steps forward. By next summer, the NGFS scenarios will not only be updated with the latest figures, but also upgraded to align with the new set of comprehensive scenarios to be released in March by the IPCC and to incorporate the more extreme ones. The NGFS should also work on understanding the impact of climate-related risks on various prices and ultimately on overall inflation. Scanning the horizon, we can already see that climate change is accelerating, and that some regions are likely to be affected sooner and on a larger scale. In addition, transition effects might be more front-loaded as they are increasingly anticipated by markets, producers and consumers, which would be good news.