##des ) access to transition finance is important. emdes face significant challenges in that they are not just more vulnerable to impact of climate change but they have even higher resource constraints with predominance of small enterprises and dependencies on fossil fuels. the recently released publication by the ngfs titled " tailoring transition plans : considerations for emdes " aptly highlights the specific challenges faced by developing countries. though the concept of'just transition'has gained prominence in climate policies of various jurisdictions it's important that we need to apply it to the transition processes. given the need for transition finance, the next obvious question is how to plan for it and hence a need for credible transition plans. despite the need for banks and financial institutions to address multiplicity of objectives, the importance of transition plan in emdes is very important wherein the banks and financial institutions as also nonfinancial firms have an important role to play. transition plans are essential for banks and financial institutions to mobilize capital and manage financial risks that may arise from climate related financial risks. the transition plans must be strategic and top - driven while having explicit components for geographical regions as also for industry and entity levels. further, entities need to craft detailed plans across operations, products, services, and policies to mitigate specific risks. similarly, industry - specific transition plans should align with sector needs by meeting regulations, adopting relevant technologies, and collaborating with stakeholders. this approach would ensure that both entities and industries contribute effectively while addressing their own set of distinct challenges. while transitioning is crucial, we cannot overlook the immediate impacts of climate events. there is, therefore a need to look at adaptation part which is a missing link as far as climate strategies that are evolving. adaptation involves responding to climate event impacts, which steadily deteriorate the environmental conditions essential for daily living, such as access to water, energy, air quality, and tolerable working temperatures. these conditions can be disrupted by short - term shocks like storms, floods, and wildfires, which have abrupt and devastating effects. establishing early warning systems and disaster preparedness plans is crucial for minimizing loss and damage and therefore, adaptation financing is critical for building economic resilience and fostering sustainable development. one way to do that is by integrating the adaptation financing into resilience and disaster management frameworks. the role of regulators becomes important as they not only set the regulations for the financial sector but also send the signals to the real sector for their future course of actions

commits today in the framework of this meeting to produce a dedicated publication, which will be presented every june, a period which coincides with the international day of family remittances, 16 june. last but not least, considering the coordination among state authorities as very important, as well as the constant communication with the private sector, we are signing today the memorandum of understanding. it is aimed at raising the awareness, facilitating dialogue and fostering effective cooperation between the parties on issues related to remittances from the albanian diaspora, contributing to economic development. the joint engagement we are initiating today is the first necessary step of a development platform for the empowerment and effective use of remittances. in conclusion, i would like to underline once again that it is time that we show more care, appreciation and gratitude to tens of thousands of albanians abroad, who, through sacrifice, continue to contribute to the welfare of our nation, sending a part of their savings to their families back home. we invite the banking industry and other actors in the financial system to contribute to this initiative, with concrete vision and products, taking into account that you can play a special role in effectively mobilising remittances. reasserting our institutional support and commitment for this initiative, i am confident that this will be an on - going dialogue to facilitate every undertaking in the aspect of remittances. thank you for your attention! 2 / 2 bis central bankers'speeches