The National University of Singapore Corporate Governance and Financial Reporting Centre, as well as the Singapore Management University Sim Kee Boon Institute for Financial Economics both publish useful indices that assess the standards of corporate governance in Singapore. Professional associations such as ICPAS, IIA, SAICSA and SID have also been playing their roles in this area. Conclusion In closing, let me reiterate the point that good corporate governance pays – if not in immediate share prices, at least in the resilience of the firm in a crisis. Indeed, one key conclusion from the study by the Senior Supervisors Group3[3] is that financial firms that best rode out the recent crisis were ones with good corporate governance standards, demonstrating "a comprehensive approach to viewing firm-wide exposures and risk, sharing  3  William Rutledge et al. (March 2008), "Observations on Risk Management Practices during the Recent Market Turbulence", Senior Supervisors Group. 4  BIS Review 147/2009  quantitative and qualitative information more effectively across the firm and engaging in more effective dialogue across the management team." Better governance per se does not guarantee that there will never be a crisis, but it can minimise its probability and its impact if it does occur. Singapore has made good progress over the years in our corporate governance practices, but we must press on with continual improvements. As regulators, professional bodies, investors, academics and the media, we each have a role – let us work closely together in this journey.
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.