KEYNOTE SPEECH MEANING CODE

The Real Time Gross Settlement (RTGS) system operated by the Bank, is absolutely vital to the orderly functioning of the UK financial system and settles an average £750bn worth of transactions every day. That infrastructure must be resilient and reliable. Third, while most people are familiar with the Bank’s policy functions, such as financial and monetary policy, the Bank is also a provider of core components of the UK’s critical national infrastructure. footnote That will drive change across the whole of the economy as we move to a net zero world, including for the Bank. Second, the UK Government has legislated a target to transition the UK economy to net zero emissions by 2050.

The latest Intergovernmental Panel on Climate Change (IPCC) synthesis report continues to inform us about the impact of our changing climate on the world we live in. Let me start on why the Bank is setting out its transition plan. Why is the Bank publishing a climate transition plan? This will, I hope, be useful for other organisations, and maybe even other central banks, considering their own transition plans. But also, I will talk more broadly about the insights we have taken from developing our strategy, which will inform how our plan develops. Today I intend to very slightly lift the curtain on what we say in our climate transition plan. Climate change is a reality we face today, not tomorrow, so action is also required today. Although our Climate Transition Plan does not include a transformation quite as radical as that, the Bank has, and must continue, to transform how we work to ensure we can continue to reflect the UK and to deliver our mission.ĭon’t mistake me, the challenge we face now is unique and should not be taken lightly. We did, after all, entirely rebuild our Threadneedle Street office in the interwar years to meet the needs of office working of the time. While the Bank may have over three centuries behind us, transformation is not new. It just serves to highlight the complexity of adapting our buildings and transitioning our organisation for a fast-approaching target.

Now the symbolism is not lost on me that I represent a 329-year-old institution, the Bank of England, coming to speak at the Guildhall where construction started on the great hall in 1411. Next week the Bank of England will launch our first Climate Transition Plan setting out the action we will take to deliver our 2040 physical greenhouse gas emissions target. Thank you very much for welcoming me to this event to mark London Climate Action Week (LCAW) and thank you to the LCAW Secretariat and E3G for organising today’s event, which has brought together so many leaders to discuss and share solutions on how we turn aspiration into action to address climate change.Īnd action is the key theme I want to focus on today.

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KEYNOTE SPEECH MEANING CODE

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Keynote speech meaning