economy by 2047 would need to take into account these considerations. india @ cop 26 and 27 in 2021, at cop26, india presented panchamrit of india ’ s climate action : • reach 500 gw non - fossil energy capacity by 2030. • 50 per cent of its energy requirements from renewable energy by 2030. • reduction of total projected carbon emissions by one billion tonnes from now to 2030. • reduction of the carbon intensity of the economy by 45 per cent by 2030, over 2005 levels. • achieving the target of net zero emissions by 2070. india participated in cop27 in 2022 at sharm el sheikh, egypt, with a focus on mainstreaming the theme of life - lifestyle for environment. it highlighted the theme of life – everyone can contribute within one ’ s capacity. green initiatives by the rbi there is a growing recognition that even if governments are the most influential agency for climate change, central banks and financial sector regulators / supervisors are going to become the major stakeholders because ( 1 ) financial institutions play a key role in intermediation and hence have a more direct role in addressing climate change ; and climate change is impacting the achievement of their mandates of price and financial stability. • in december 2007, the reserve bank mandated “ corporate social responsibility, sustainable development and nonfinancial reporting – role of banks ” highlighting the importance of global warming and climate change in the context of sustainable development. • in 2015, loans for generation of renewable energy and public utilities run on non - conventional energy were made part of directed priority sector lending by banks. • in april 2021, the rbi joined the network for greening the financial system ( ngfs ) to benefit from and contribute to the best practices in climate risk management and green finance. • in january 2022, the rbi conducted a survey on climate risk and sustainable finance to assess the status of climate risk and sustainable finance in leading scheduled commercial banks. • in january - february 2023, the rbi issued sovereign green bonds worth us $ 2. 2 billion ( ₹16, 000 crore ) in two tranches to mobilise resources for the government for green infrastructural investments. • in april 2023, the rbi introduced a “ framework for acceptance of green deposits ” from june 01, 2023. conclusion central banks generally pursue a relatively narrow mandate focused on stability. climate change is certainly not a part of it. at least till now. yet as more evidence accumulates that climate

shock it experienced due to surge in prices in international markets, and reached 2 % in november 2024. this return to price stability has been accompanied by a reduction in the cost of living for households and an increase in business investments. 1 / 3 bis - central bankers'speeches also, overall inflationary pressures have been reduced, on the back of declined inflation in trading partners, appreciated exchange rate and the normalization of monetary policy stance over the past two years. during 2024, the bank of albania has achieved significant progress in two key initiatives in the areas of payments and banking supervision : joining sepa on november 21, 2024, and advancing open banking. participation in sepa will enable the conduction of cross - border financial transfers with european union countries, making them faster and at lower costs a€ “ an important step towards economic integration and improving services for businesses and consumers. also, the bank of albania, in line with eu regulations, has advanced in implementing open banking, by promoting the use of digital platforms with the aim of enhancing financial inclusion and establishing a more open ecosystem for clients and businesses. open banking will empower citizen with higher and more transparent access to financial services. this development is part of a broader strategy to improve financial infrastructure and digitalize the economy. both initiatives aim to expand financial inclusion, by directly contributing to the reduction of informality, in turn supporting long - term sustainable growth. regarding the future, our forecasts remain positive, mainly based on positive developments in terms of economic activity growth. the financial environment, characterized by ample liquidity, relatively low and stable interest rates, and contained risk premiums, thus transforming bank credit into an important and reliable source of financing for the albanian economy, has played an important role in this regard. to this end, the bank of albania will continue to remain vigilant to accurately reacting and in timely manner to the economic and financial developments. concluding, i would like to shift the focus to an 18 - year tradition that enriches this annual event of the bank of albania. i have the pleasure to present the winners of the governor's award for the best diploma thesis. this activity, invites albanian students from all over the world to present their work in the field of economics and finance. this year 24 participants have participated in this competition with impressive papers. i am delighted to note that the topics addressed in these studies are related to the traditional objectives and policies of central banks, but at the same time, many of them have