What I am asking is for us to harness the best parts of capitalism and to use it to tackle what is the biggest challenge of our generation. I certainly hope that our conversations today will help us better understand the issues at hand and inspire us to find better financial solutions. Let us find ways to green the financial system, and subsequently finance the green. Finally, earlier I spoke about the key players in tackling the climate challenge, namely the Government, NGOs, business and the financial sector. I have left the most important one actually, which is the individuals. Change can only come if we start with ourselves. We ought to start with a small personal change, which is to lower our personal carbon footprint. By itself it might be small, in terms of emission. Importantly however, it will initiate a deeper realisation, stoke more passion for the issue, catalyse deeper and more engaged conversations with others, and hopefully create more momentum for systems level change that we all aspire to see. 1  Source: Asian Development Bank (2020). Green Finance Strategies for Post-Covid-19 Economic Recovery in Southeast Asia: Greening Recoveries for Planet and People. October. 2 Malaysian Green Financing Taskforce Report 2019 3  Joint Statement by Bank Negara Malaysia and Securities Commission Malaysia – Accelerating climate action through the financial sector  3/3  BIS central bankers' speeches
Muhammad bin Ibrahim: The way forward for development financial institutions Opening address by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Global Symposium on Development Financial Institutions “The Way Forward for Development Financial Institutions”, Kuala Lumpur, 19 September 2017. * * * Selamat datang” and a very warm welcome. Thank you for the opportunity to speak today at this important gathering to discuss the way forward for development financial institutions. In 2012, the music video “Gangnam Style” by Korean pop artist PSY took the world by storm. Being the first video to record more than 1 billion YouTube views, its infectious dance moves have become universally recognised, transcending borders and social status. The video marked the beginning of the rise of the Korean cultural phenomenon known as Korean Wave or “Hallyu”, a new growth area for its economy. Today, the export of Korean culture content, including films and music, is estimated at USD83.2 billion. In under a decade, the sector grew to contribute 0.7% to South Korea’s GDP in 2011, supported over 67,000 jobs and generated USD3.3 billion in tax revenues. This extraordinary rise of the Korean Wave can be attributed to the growth of investment in the creative industry. The industry was boosted by the government’s strategy to prioritise the sector as an engine of growth after the Asian Financial Crisis. The Korean government had earmarked 1% of the national budget for development financial institutions to kickstart the sector.