Finally, Asia is diverse – across stages of economic development, and across a variety of climate related risks and transition challenges. If we can successfully help Asia transition to net zero, it will go a long way in getting the world to net zero. Third, Collaboration – effective transition finance needs close partnership among the public, private, and people sectors. This will be the focus of our conference – scaling blended finance to accelerate the net-zero transition. Blended finance synergises public and private capital to mobilise financing for projects that are marginally bankable. It is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. In short, it is about taking an ecosystem approach to solving a problem of the global commons. Blended finance is not new but catalysing and scaling it requires a fresh approach. The use of public funds and development guarantees to reduce risks and encourage participation by private capital has been around for many decades. But such programmes are too few and too small. Globally, annual flows of blended finance have averaged less than $ billion since 2015. We need a more systematic and coordinated approach to mainstream blended finance. First, we need to build a pipeline of shovel-ready transition projects. There is insufficient capacity and expertise to prepare projects that are attractive to the private  2/4  BIS - Central bankers' speeches  sector.
Leah Pedersen, Senior Director at Convergence, will share more details later today. We have our work cut out for us. We have the right people in the room – leaders from the financial industry, public sector, multilateral agencies, philanthropic organisations, and global networks of expertise. Let us share our experiences and perspectives, and brainstorm ideas that we can pilot and learn from. Of course, our work will not be done in a day. We hope this conference will grow into a multi-year effort and be a convening platform for practical solutions and concrete projects to mobilise the financing required for an effective and inclusive transition to net zero and a more sustainable planet. Thank you and I wish everyone fruitful deliberations. 4/4  BIS - Central bankers' speeches