We need this transformation to make sure that we have a high-performing regional and global AML ecosystem that supports a financial system fit for our digital future, and appropriately manage the risks which come along with the many benefits of digitalisation. 34. We must be clear – the characteristics that we must sustain if we are to be successful over the longer term have as much to do with attitude and willingness to adapt as the technology which provides the platform; to be more data-driven and promote information sharing; to take more risks and stop just ticking boxes. 35. With that, I hope you all enjoy the rest of what, I am sure, will be very a productive two days of sharing and discussion. 1 For further details, please refer to “HKMA AML/CFT RegTech Forum, 22 and 25 November 2019 – Record of  Discussion” issued in December 2019 (www.hkma.gov.hk/media/eng/doc/key-information/guidelines-andcircular/2019/20191223e1.pdf) and the relevant Annex (www.hkma.gov.hk/media/eng/doc/keyinformation/guidelines-and-circular/2019/20191223e1a1.pdf)  5/5  BIS central bankers' speeches
We need financing for more sustainable supply chains, less disruptive infrastructure, and better farming practices that preserve yield while minimising land degradation. 2/4  BIS - Central bankers' speeches  The Nature Conservancy estimates that the nature funding gap may be as high as 824 billion US dollars per year. So, what is needed for effective transition finance for natural capital? First, a clear set of goals to galvanise collective action to restore our natural capital. The goals must be ambitious yet realistic. Just as the Paris Agreement catalysed the push towards net zero, so can the Global Biodiversity Framework provide a nexus for science and finance to come together to tackle the systemic risks that nature loss poses. Goals to protect key biodiversity areas and integrate nature-related risk management into sustainable production will help to focus the financial sector's efforts. Second, forge public-private partnerships to mobilise financing for naturepositive outcomes. Public capital can help to mitigate project risk and catalyse private capital, especially for marginally bankable nature-related projects. We also need to combine financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance the bankability of such projects. At the same time, financial institutions must dis-incentivise production processes that are harmful to biodiversity while ensuring equitable development. Third, strengthen the quality, availability, and comparability of nature-related data. Good-quality data enables effective allocation of capital towards transition finance, and combats greenwashing. Unlike climate risks, nature-related risks are often location-specific.