investee companies to make detailed climate - related financial disclosures, pursue net - zero goals, declare transition plans and report progress. green bonds, climate funds, and blended finance mechanisms can attract private investment towards climate projects. however, these developments do also give rise to greenwashing concerns which may require regulatory interventions in future to ensure that what is being projected as'green'is, in fact, actually'green '. at the cost of repetition, let me emphasize that financing the new green ventures alone will not be enough. we would need credible transition plans for existing emitting firms without compromising their output or growth. for this to materialise, central banks can incorporate climate - related risks into their supervisory frameworks and can contribute to the development of frameworks and standards for green finance. these frameworks can help promote transparency, standardization, and integrity in the green finance market. over the years, reserve bank, has been taking various policy measures to promote and support green finance initiatives. for example, finance to renewable energy projects have been included as a part of priority sector lending ( psl ) portfolio of banks. earlier this year the reserve bank supported government of india in successfully issuing sovereign green bonds ( sgrbs ). the proceeds of the sgrbs are intended to be deployed in public sector projects which will help in reducing the carbon intensity of the economy. the issuance of srgbs would also help in price discovery for other financial instruments and give a fillip to development of a market for green financing ecosystem in the country. recognising that climate change can translate into climate - related financial risks for regulated entities ( res ) and that it can also have broader financial stability implications, the reserve bank had brought out a discussion paper in july 2022 to elicit views from all the stakeholders. based on the feedback and suggestions received, we have issued the instructions for acceptance of'green deposits'while a disclosure framework on'climate - related financial risks'and guidance on climate'scenario analysis and stress testing'is also under works. the recently released report on 3 / 4 bis - central bankers'speeches currency and finance, 2022 - 23 1 with the theme'towards a cleaner greener india ', has examined the macro - financial implications of climate change and the possible fiscal, monetary, regulatory, and other policy options for india. global understanding of systemic impact of climate change on the economy and the financial system is evolving and, accordingly, the responses of central banks and supervisors

, for example, compliance with data protection laws and regulations. the assessment of whether to involve cloud services as part of preparedness solutions should probably be done on a case - by - case basis for the services and scenarios. the usefulness of cloud data may also depend on whether the data can be utilised for providing services to users. finding a balance between preparedness based on regulation and voluntary arrangements is also important. on the one hand, regulation enables a level playing field for all parties. on the other hand, regulation might be seen only as an enforcing factor that could hinder voluntary close cooperation and preparedness solutions in the market. this may apply especially to potential common or uniform preparedness solutions in the nordic countries. finally, let me conclude my remarks by referring to cbdcs as a potential future way to increase the resilience of our retail payment landscape. the ecb governing council should decide next month on moving to the next phase of the preparations for a digital euro. if we are to introduce a new retail payment method in europe, we need to design it so that it truly brings us new rails that are operationally separated from existing ones. moreover, i believe it is necessary to take resilience issues on board right from the beginning of the project. with careful planning, a digital euro could become a key feature of a secure, resilient and efficient european retail payment landscape. it could also become a major part of our preparedness in the future. thank you. 6 / 6 bis - central bankers'speeches