also a regulator. this approach will ensure innovative policies that work for the market and ensure financial inclusion for all kenyans, lower unit cost of financial services and also ensure the market stability. ladies and gentlemen : in conclusion, i would like to assure the banking sector and other market players that the central bank will continue to support the market development by providing an enabling environment for growth in the banking sector. we shall continue to ensure that the sector operates efficiently, effectively and soundly, supported by the following three pillars : • first, strengthening financial stability, through a robust supervisory and regulatory framework. in this regard, the central bank has adopted a consolidated supervision approach to take cognizance of the growing pan - african nature of the kenyan banking sector – and where applicable, supervisory colleges will be used. • second, enhancing financial integrity in the banking sector so as to ensure that the financial systems are safeguarded against money laundering and financing of terrorism in line with international best practice. • third, promoting financial inclusion for financial deepening and development in line with the aspirations under the kenyan vision 2030. we expect banks to strengthen their screening and monitoring role of their clients, new or potential ones for market development. the kenyan bank of india should take advantage of the market vibrancy as well as initiatives put forth by the central bank to grow its market share even further in the coming years. ladies and gentlemen : with these few remarks, let me once again applaud the kenyan bank of india, as you celebrate your diamond jubilee and wish the bank continued prosperity in the years to come – not only in kenya but also in the east african community region. thank you and god bless you all. bis central bankers ’ speeches

eli m remolona : mitigating climate change through collaboration speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at 2nd philippine climate forum " gearing towards low - carbon and climate - resilient 2030 ", manila, 5 june 2024. * * * i am grateful to join this 2nd philippine climate forum. the theme, " gearing towards low - carbon and climate - resilient 2030, " echoes the urgency of necessary actions as we move closer to the end of the decade. while the country's greenhouse gas emissions seem negligible as compared with those of the advanced economies, we disproportionately bear the brunt of the impact of climate change. the investments needed to reach our country's climate goals is estimated at us $ 17 billion a year up to 2030. the national budget appropriation for this only stood at around us $ 8 billion for 2024. this means that a significant amount of private sector financing is needed to augment the national government's budget. it is in this light that the financial sector regulators issued guidelines aimed at promoting effective management of risks and accelerating the growth of the sustainable finance market in the country. one such issuance is the sustainable finance taxonomy guidelines. the taxonomy is a tool to classify activities on the extent to which they meet the identified objectives. this initially covers climate change mitigation and adaptation, and in the future, circular economy, and biodiversity. we are in the very early days of a taxonomy framework. the bsp ( bangko sentral ng pilipinas ) will observe how the banks are applying the taxonomy in their credit and investment portfolios. this can then inform supplementary regulatory guidance and reporting. over time, as we establish trends on the banking sector's taxonomy - disaggregated exposures, we expect to have more meaningful industry discussion on setting targets. we want to see the percentage of the banks'green - labeled exposures increasing, with adaptation activities getting equal if not higher share than mitigation. we also need to see green - labeled exposures stand to benefit small businesses and vulnerable communities where adaptation finance is most needed. this is in line with the bsp's inclusive sustainability agenda. 1 / 2 bis - central bankers'speeches an inclusive approach entails two things. one, we avoid unintended exclusionary