term capital, so vital for sustained economic growth. the constraints imposed by such a financial infrastructure, and the inadequacies and inefficiencies attendant thereto, provide key justification for the development of the capital market which will play the lead role for mobilizing domestic and foreign investment, as well as engendering low cost, efficient, financial intermediation. while in our financial sector development we have taken steps to improve the payments system, supervision of banks, strengthening their capital base, and enhancing efficiency in general, we have also put strong emphasis on ensuring the emergence of a comprehensive financial sector, that will meet the demands of an emerging market economy such as ours. in the process of developing the capital market, we have worked with private sector and external development partners, especially the first initiative and the commonwealth secretariat, to put in place a robust legal and regulatory framework that will facilitate the process. through the resident consultant provided by the first initiative, we have defined the system of regulations that would guide the operations of the capital market, and the stock exchange in particular, in all facets of its operations. we have ensured that these are consistent with acceptable international standards, and i can now confidently say that our stock exchange will operate with adequate safety and protection of the interests of the investing public. no one therefore should entertain any fears in transacting business through our stock market. the process of developing the legal framework has been participatory and transparent. in december last year we held a stakeholders workshop at which the drafts of the revised companies act, the securities bill, the bankruptcy bill and the collective investment schemes bill were tabled for discussion by all stakeholders. these pieces of legislation are now being finalized and would be presented to the next parliament for enactment. the other financial services amendment act 2007 will serve to provide the legal basis for the operation of the stock exchange until the enactment of these legislations. we have also invested in training of personnel to guarantee the professional conduct of operations, and in this regard, we have collaborated with relevant institutions and professional bodies to make sure that the codes and practices underlying the operations of the market meet established standards. today, as we inaugurate the sierra leone stock exchange we note with pride and confidence that we have achieved a significant milestone in the development of our financial system. in the coming weeks we will commence actual operations. in this regard, i wish to solicit the support and cooperation of all institutions and the general public to work towards the

, significantly influencing them to chart their future strategies. also, given the important role played in financing by private sources, there is a need for regulators to put in place right climate information architecture to create a conducive environment to attract private capital for climate finance. therefore, the role of disclosure frameworks which are consistent with internationally accepted norms is crucial. the point i wish to make is that it is possible to converge the objectives of growth and climate - protection in an optimal way. once we are able to put in place enabling 4 / 6 bis - central bankers'speeches frameworks, economy would be able to create a pipeline of the viable projects as well as evolve a set of new financial instruments like adaptation finance3, blended finance4 as an innovative climate financing tools. given these building blocks the possible policy direction points to strengthening regulatory and supervisory frameworks could include ( i ) disclosure requirements ( ii ) risk management ( iii ) robust network of third - party verification of green credentials and impact assessment of projects to address green washing concerns and ( v ) periodical stress testing as part of risk mitigation measures. as a country, india too has made significant advancements in addressing climate change and fostering sustainable development. we have submitted our nationally determined contributions ( ndcs ) to the unfccc in 2015, with updates presented at cop 26 in 2021. india also has committed to ambitious targets through its comprehensive strategy known as " panchamrit, " aiming to increase non - fossil - fuel energy capacity to 500 gw by 2030, derive 50 % of energy from renewable sources, and reduce gdp carbon intensity by 45 % by 2030, aiming for net zero emissions by 2070. launching of long - term low emission development strategies ( lt - leds ) at cop27, co - founding the international solar alliance, launching of the national hydrogen mission, introduction of mission life ( lifestyle for the environment ) are some of the other steps taken by the government of india. rbi too has taken proactive steps like including financing renewable energy projects under priority sector loans, introducing green deposits, and drafting a disclosure framework for climate - related financial risks. in near future, we plan to release guidance notes on scenario analysis, stress testing, and effective management of climate - related financial risks based on bcbs principles. rbi's aspirational goals for rbi @ 1005 includes establishing a robust regulatory and supervisory framework to effectively manage challenges arising from climate change, enhance the resilience of payment systems