to import licensing for consumer goods and reduction of tariff rate below 10 per cent ( barring few exceptions, such as automobiles ) considerably enhanced the outward orientation of indian economy. capital account although, the external payment crisis of 1991 brought to the fore the need for debtdominated capital account financing, the move towards full capital account liberalisation has been calibrated with extreme caution. the broad approach that characterised the policy framework for capital inflows involved supplementing debt capital with non - debt capital with a clear prioritisation in favour of the latter. foreign direct investment the major policy thrust towards attracting foreign direct investment ( fdi ) began in the early 1990s by introduction of automatic approval route that empowered rbi to approve equity investment up to 51 per cent in select 34 priority industries. currently, unless there is specific restriction contained in fdi policy, 100 per cent foreign investment is permitted under automatic route. a very limited number of activities fall under this category viz., retail trading, atomic energy, lottery business, gambling and betting. again, the list for fdi cap below 100 per cent is also quite short including broadcasting, print media, defence, insurance, asset reconstruction, investment companies, petroleum and air transport. portfolio investment portfolio investment both in primary and secondary market by foreign institutional investor ( fii ) was opened up in 1992. at the same time, indian companies were permitted to raise equity finance through issue of gdr and adr in europe and american markets. policy with regard to fii investment was progressively liberalized with total fii share in equity being raised from 24 per cent to total sectoral cap on foreign investment. for majority of sectors this cap is 100 per cent. beside, fii are permitted to invest in debt instruments issued by both private corporate and the government, and they can operate in forward market to hedge their currency risks. external commercial borrowings permission to access ecb further contributed to integration of india ’ s financial sector with rest of the world with corporate increasingly compared the cost of financing and switched between ecb and the domestic bank credit. in the recent years, corporate have increasingly accessed commercial borrowings from abroad with net inflow on account of ecb rising from usd 5 billion in 2004 - 05 to more than usd 22 billion in 2007 - 08. however, the policies towards ecb that inter alia include bank loans, buyers ’ credit, suppliers ’ credit have been guided by the overall consideration of prudent external debt management by keeping the maturities long, cost

2022, the reduction in water availability and the drop in crop yields could reduce gdp by up to 6. 5 percent and could result in out - migration to urban areas of up to 1. 9 million moroccans by 2050. fortunately, the public authorities are well aware of this situation. i won't go into an exhaustive inventory of what has been achieved ; i'll just point out that the country was among the first to ratify international climate conventions, notably the united nations framework convention on climate change 1995, the kyoto protocol in 2002 and the paris agreement in 2016. more recently, the kingdom has launched several major sectoral programs and strategies, including the " 2020 - 2030 national climate plan " ; the " national low carbon strategy 2050 " ; the " 2020 - 2050 national water plan ". aspirations in the energy sector are also high and the target set for 2030 is to achieve 52 per cent of the energy mix from renewable sources. finally, it is worth recalling that in november 2021, morocco submitted an updated nationally determined contribution raising ambition to 45. 5 percent reduction of its greenhouse gases emissions by 2030. regarding fiscal policy, the framework law on taxation adopted in 2021 sets forth, as one of its objectives, promoting environmental protection, mainly through the introduction of a carbon tax. we believe that its successful implementation could have a significant impact. that said, it should be noted that combating climate change and mitigating its impacts require the mobilization of massive funding in a global context marked by extremely high public and private debt rates and shrinking fiscal buffers. in the case of morocco, the world bank estimates the investment needed for the period 2022 - 2050 at around $ 78 billion. ladies and gentlemen, one of the questions that arises in this context is related to the role of central banks. what is evident is that they will have to consider the impact of climate change in carrying - out their missions. indeed, this change affects growth, employment and inflation, the main variables on which monetary policy decisions are based. besides, climate - related risks are bound to have an impact on the banking and insurance industries, and on financial stability in general. however, the issue of central banks'contribution to the fight against climate change remains open to debate. should they? do they have the necessary capacity and resources? are their toolkits adapted to the expansion of their mandates? what would be the consequences on their conventional missions? on their independence? debate and discussions