Sources: OECD and the Riksbank  BIS Review 56/2010  15  Government bond rates of different countries Percentage points 10  10 Sweden Germany Portugal Ireland Italy Greece Spain  9 8 7 6  9 8 7 6  5  5  4  4  3  3  2  2  1  1 0  0 06  07  08  09  Note. Government bonds with approximately 10 years left to maturity. 16  10  Source: Reuters EcoWin  BIS Review 56/2010
According to McKinsey, net zero by 2050 would require about $ trillion of investment per year but only about $ trillion per year is being invested today. We are more than 35% short of the annual investment required for net-zero. Let's keep these two numbers in our minds throughout our discussions today: we are 55% below the emissions reduction required by 2030 and 35% below the investments required for net zero by 2050. Filling these two gaps will require a concerted and collaborative effort across the ecosystem. And it needs to be done now. Climate change is already happening and beginning to devastate lives and livelihoods. Just ask the people in Pakistan. There is no collective human endeavour more urgent than climate action. Delaying mitigation efforts to avoid short-term costs will incur a much larger economic and human loss in future. This conference will focus on three key dimensions: Transition, Asia, Collaboration. Let me elaborate. Transition - to reach net zero by 2050 we need effective and inclusive transition strategies. 1/4  BIS - Central bankers' speeches  Effective transition is about greening the entire economy not just growing the green economy. Investing in green technologies and renewable energy is important. But such pure green activities are estimated to make up less than 8% of the global economy. To move the needle towards net zero, we must progressively decarbonise across all sectors of the economy, including hard-to-abate ones like steel, cement, and maritime transport. This means green finance alone is not enough.