The NGFS will not stop there and next year will publish its first comprehensive report, which will provide – on a voluntary basis only – policy recommendations for central banks and supervisors. This will take place at the upcoming NGFS Conference, at the Banque de France in Paris, on 17 April 2019: you are all most welcome! To prevent the airplane from crashing, we can help by shedding light on climate risks in order to take accurate and timely decisions, and by seizing opportunities while aligning incentives and mobilising capital. II. Anticipating climate-related risks 1/ Our first priority should be the disclosure of existing exposures in the financial sector, what I call “the snapshot of risks”. The recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), chaired by Mr. Bloomberg with sponsorship from the Financial Stability Board (FSB), have been groundbreaking as they provide a practical framework allowing companies to disclose their climate-related financial risks. However, an accurate and consistent vision of the risks requires a wider implementation of the TCFD’s recommendations. Significant room for progress remains in this area. To enable markets to price risks, we need comparable metrics – thanks to a common taxonomy – and better access to higher quality and more consistent data. I therefore fully  Page 3 sur 6 support the work of the Technical Expert Group on Sustainable Finance of the European Commission which is concretely developing a taxonomy; our first NGFS workstream is also working in this field.
In addition, from an operational perspective, if evidence shows that transition and physical risks have an impact on the risk profile of certain assets, central banks should draw a logical conclusion and incorporate these financial risks in their collateral framework. **  Page 6 sur 6 I would like to conclude with the message that Paul Romer gave during his Nobel Prize speech: “Humans are capable of amazing accomplishments if we set our minds to it.” On climate-related risks, in less than one year, central banks and supervisors have accomplished concrete steps to mainstream green finance in all their activities. Notwithstanding the political progress we would all wish for at international level, we are determined to follow our “flight plan” as financial authorities. Thank you for your attention. i  Banco de Mexico, Bank of England, Banque de France/Autorité de Contrôle Prudentiel et de Résolution, De Nederlandsche Bank, Deutsche Bundesbank, Monetary Authority of Singapore, People’s Bank of China, Swedish Finansinspektionen. ii BaFin, Banco de España, Bank al Maghrib, Bank Negara Malaysia, Bank of Finland, Banque centrale du Luxembourg (BCL), Banque nationale de Belgique (BNB), EBA, European Central Bank (ECB), Japan FSA, Oesterreichische Nationalbank (OeNB), Reserve Bank of Australia, Reserve Bank of New Zealand. iii Bank for International Settlements (BIS), European Bank for Reconstruction and Development (EBRD), OECD, Sustainable Insurance Forum (SIF), World Bank (Group) + World Bank (IFC/SBN).