6  IATA - 2020 Worst Year in History for Air Travel Demand Changes in transport behaviour during the Covid-19 crisis – Analysis - IEA ESSD - Global Carbon Budget 2020 (copernicus.org) 9 Cut global emissions by 7.6 percent every year for next decade to meet 1.5°C Paris target - UN report (unep.org) 7 8  3  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  3  Governments may be responsible for the policies to achieve net zero. But much of the emissions reduction itself has to come from the corporate sector. And that requires investment – and lots of it. In the UK alone, spending on low-carbon technologies and infrastructure will need to rise five-fold, from £ to £ a year (Chart 4), or 2½% of GDP. Globally that number is more like 8% of GDP. Chart 3: UK balanced path to net zero  Source: Sixth Carbon Budget - Climate Change Committee (theccc.org.uk)  Chart 4: UK sectoral investment needs  Source: Sixth Carbon Budget - Climate Change Committee (theccc.org.uk)  Much of the job of financing this investment programme falls to the financial sector: to banks, and to investors in companies’ equity and debt. The scale of that task would be challenging even if the path to net zero were certain. But it is not – so investors must also manage the potential for significant losses on their assets, as and when more aggressive policies to reduce emissions come on stream, or physical climate events grow in intensity.
It is the wish of the Bank of Zambia that in future all the SADC central banks can enter into group agreements on certain ICT services that are provided by the vendors. We also believe that this would enable us share the cost of expensive ICT resources in order to achieve economies of scale and leverage effective support from vendors of common software applications. Ladies and Gentlemen, may I conclude by expressing my gratitude and thanks to the staff of the ICT Department at Bank of Zambia for successfully organizing this Conference. I wish you fruitful deliberations during this business week. It is now my pleasure and honour to declare the 2008 SADC ICT FORUM CONFERENCE OFFICIALLY OPENED. I thank you. 2  BIS Review 42/2008