But this is a collective action problem where seemingly rational individual inaction makes our collective future problems much bigger. So we must not let perfection be the enemy of progress. And after all, managing uncertainty is what you do all the time. Be brave here too. 6/7  BIS - Central bankers' speeches  I will leave you with an encouragement (again) to each play your role, and to make the most of this important network. I would like to thank Jenny Clark, Tim Rawlings, Chris Faint, David Swallow and Theresa Löber for their help producing this speech. 1 In pathways that limit warming to 1.5°C with no or limited overshoot, net global GHG  emissions are projected to fall by 43% below 2019 levels by 2030. See IPCC (2023), ' AR6 Synthesis Report: Climate Change 2023Opens in a new window' 2 World Economic Forum (2022), 'Analysis: Global CO2 emissions from fossil fuels hits  record high in 2022Opens in a new window' 3 From around 0.1% in 2012 to above 4% in 2021. See The City UK (2022), 'Green  finance: a quantitative assessment of market trendsOpens in a new window' 4 40% of homes in England now have an EPC rating of B and C or better.
Progress on climate related disclosures Third, in 2020, the quantity and quality of climate disclosures was in its infancy. We had recognised the need for it to move from the static to the strategic, for it to be forwardlooking and for it to be comparable across firms. Now, mandatory disclosures for large corporates under the TCFD are a reality in the UK, and are driving the right conversations around board tables. Here at the Bank we are soon to publish our fourth TCFD-aligned report, overcoming challenges with each new report. And internationally the ISSB is due to build on the work of the TCFD by publishing its first global standards on climate later this year – in a fraction of the time usually taken. I have very little doubt that in the future we will look back at the ISSB's work as a fundamental building block of comparable global green markets. The growth of green finance Fourth, we have seen and continue to see growth in the green finance market. The share of green finance in total finance has steadily increased, reflecting burgeoning investor demand and the financial system's ability to innovate.3 That poses new challenges, including greenwashing, and markets regulators like the FCA are responding accordingly. But it's not only green products we need to see growth in. More fundamentally, we need to see an increase in transition finance projects that help business deliver long-term emissions reductions – greening our future economy, not just investing in the currently green.