BIS central bankers’ speeches  21  Figure 7: Average number of hours volunteered by age group in 2011  16 to 29  Average number of hours volunteered per year* 87  30 to 49  77  50 to 69  109  Older than 70  113  UK average  97  Age group  Sources: ONS (2013), “Household satellite accounts: valuing voluntary activity in the UK”. Underlying data from the Understanding Society survey. *Conditional on volunteering. Figure 8: Change in volunteering activity over time in the UK  Source: Chart reproduced from ONS, “Household satellite accounts: valuing voluntary activity in the UK”. Original data come from Home Office, DCLG and Cabinet Office surveys. 22  BIS central bankers’ speeches  Figure 9: The “Volunteering Onion”, a summary of the estimated contribution from volunteering activities in the UK  Social value Social impact multipliers of 2-10? Private value Probably more than £ per year* Economic value Around £ per year Labour input 15m volunteers 1.25m FTE  Source: Bank and Pro Bono Economics calculations. Note: The estimate of private value shown is an estimate of the benefits to an individual’s well-being, not including health benefits or improvements to an individual’s skills or employability. BIS central bankers’ speeches  23  Figure 10: Illustrative calculation of the economic contribution to the UK economy beyond formal volunteering £ in 2012).
We need to ensure that any new requirement provides the right incentives to financial institutions, gives a certain degree of flexibility to the authorities and does not create disincentives to make headway in the energy transition process. Modest, adaptable, yet determined. Because there is a battle to be won and because the current market signals – overly low carbon prices and an overly short time horizon – are insufficient to ensure full mobilisation. There are a large number of private initiatives. But there is also a need for a public framework to ensure the general and lasting alignment of interests. We are determined to play a full part, from Basel to Paris and elsewhere. Thank you. 4  BIS central bankers’ speeches