I fear that what I am  15  Report of the Technical Committee of IOSCO on Trading of OTC Derivatives (2011). BIS central bankers’ speeches  7  saying will seem novel. In fact, this emphasis on their role as systemic risk managers was a clear lesson from the very few instances of clearing houses failing over past decades.16 If I may quote from the post-87 crash Report of the Hong Kong Securities Review Committee: “When everything else is stripped away, the most pressing issue is the management of risk. The focus of this is ......increasingly, the central clearing houses – indeed [their] prudent operation is perhaps the single most important objective for the market authorities and regulators.17” What does this mean in practice? My personal view is that, amongst other things, it means that CCPs should not outsource their core risk management functions; they should monitor the robustness of their clearing members; and they should monitor risks from the business that their clearing members are bringing to them as an indication of incipient fragility. Amongst other things, that means collecting and analysing information from clearing members on large positions taken by their customers. In 1987, it was the long positions of a trader that bankrupted the Hong Kong clearing house. Some elements of the clearing house regime are clearly for the authorities to determine.
As a contributor, we will share with others the climate solutions that we have developed and may be of relevance to them. Let me highlight three key themes at the Singapore Pavilion: decarbonisation technologies transition finance carbon markets  First, innovating decarbonisation technologies. The transition to net-zero will require us to transform how we live and work. It will transform how we power our homes and offices, travel, grow our food, and construct our cities. As a densely populated metropolis in the tropics, Singapore is a living lab to develop, testbed, and commercialise green solutions for urban living. Let me highlight two areas. One, decarbonising land transport. 1/3  BIS - Central bankers' speeches  In many cities, land transport accounts for a substantial portion of carbon emissions; in Singapore, it is about 15%. The solution lies in electrifying transportation. This is why, from 2030, Singapore will allow only registrations of cleaner-energy cars – namely, electric, hybrid or hydrogen fuel cell cars. Infrastructure solutions for charging electric vehicles on a massive scale will need to be developed and Singapore can be a good test bed for such solutions. Two, decarbonising power generation. Globally, while the growth in renewable energy has been spectacular, fossil fuels continue to account for more than 80% of global primary energy consumption. This is why the production, deployment and research into low-carbon hydrogen, as well as carbon capture, utilisation and storage solutions are so critical and why Singapore has focused heavily in these areas.