Let me start by stressing a key point: the Eurosystem's highly accommodative monetary policy is already helping to finance the transition thanks to very low interest rates and abundant liquidity. Green investment will have to be very significant, we are aware of this, – with more than EUR 1,000 billion in public and private investment planned as part of the European Green Deal; xi but never has monetary policy been so favourable for achieving this. The greening of the central bank's actions does not therefore require a further easing of monetary policy, but rather a recalibration of its tools. By next September, we will decide within the Governing Council on the conclusions of our "Strategic Review". To contribute to this debate, I would today like to present our ambitions in the form of a simple triptych: forecast, disclose and incorporate climate risk. 2.1  Forecast, and therefore model  First ambition: to deepen our understanding of the effects of climate change not only on prices but also on growth, both over the business cycle and over much longer time horizons. We are not starting from scratch! Much progress has already been made, notably driven by the NGFS. Our models already incorporate, over a three-year horizon, the effects of tax measures to facilitate the transition, such as the carbon tax. However, changes in the behaviour of economic agents are more difficult to take into account, even though - via expectations - their economic consequences could be felt well before their implementation.
Another notable development is the joint venture by Singapore’s Keppel T&T and Saudi Arabia’s Al Rajhi Group to create the world’s first Shariah-compliant data centre fund. Last week, the fund managed to secure an initial $ million from institutional investors in Asia and Middle East. We also understand that various market players are in the midst of preparations to launch and list Islamic Real Estate Investment Trusts (REITs), which will further boost Singapore’s position as the largest REIT market in Asia ex-Japan. 16. In talent development, several credible players have initiated training courses and programmes to enhance the financial sector’s capabilities in Islamic finance. For example, the Singapore Management University has started an International Islamic Law & Finance Centre to promote high-quality research, training and professional education. Such efforts will further support the growth and innovation of Islamic finance in the region. Conclusion 17. I am therefore pleased to launch the inaugural WIBC Asia Summit today. Such events serve to bring industry leaders together to explore and create business partnerships to capitalize on new opportunities in the Middle East and Asia. The financial crisis has not diminished the Asian growth story; in fact Asia has emerged even more compelling with growing exports and investment spending. Singapore is well-positioned to be the launch pad  BIS Review 84/2010  3  for GCC businesses entering and investing in Asia. The Middle East also offers plenty of opportunities for Asian businesses to participate in its growth. 18.