sustainable finance ecosystem in mauritius and prevent greenwashing. the guide recommends that the bonds be aligned with international standards such as the green bond principles of the international capital market association and the international climate bonds standards of the climate bonds initiative. in october 2021, the bank set up a climate change centre ( ccc ). the climate change centre acts as a focal point for addressing the macroeconomic implications linked to climate - related and environmental financial risks by integrating such risks into our regulatory, supervisory and monetary policy frameworks. with a view to further consolidating the appeal of mauritius for international sustainable finance investors, the climate change centre has also collaborated with the government and other key stakeholders on a number of projects. these projects include amongst others the development of a nation - wide esg framework for issuing green and blue bonds, and collaboration in view of the elaboration of a national green taxonomy to provide a common framework for investors wishing to invest in sustainable goods and services. currently, the climate change centre is also working with international partners to develop a high - integrity carbon trading framework for both blue and green credits. all of these initiatives aim to promote a resilient and credible sustainable finance ecosystem in mauritius and through the mauritius international financial centre in the region. i am pleased to report that the work of the climate change centre over the past three years is on the right track as demonstrated through a 64 percent increase in bank exposures towards sustainable projects, and a 53 percent increase in loan applications for sustainable project financing over the period june 2022 to june 2023 as per the survey conducted by the bank in 2023. 4 / 5 bis - central bankers'speeches ladies and gentlemen, like most sids, we have much work in front of us to bridge the sdg - financing gap. we have started this journey and are going in the right direction. however, to reach our destination, it is important that we continue to develop collaborative partnerships, incentivisation strategies and credible architectures that will help maximise our full potential for mobilising sdg finance. we have the responsibility towards the future generations who will judge us by the quality of legacy we shall bequeath to them. our actions will impact generations to come and may be irreversible. in this labyrinth of shocks - actions - reactions that is eerily reminiscent of a snakes - and - ladders game of grand scale, we have the moral compass of convincing our future generations that we did everything we could since timing is of

feat. there is no magic formula or one - size - fits - all solution when it comes to mobilising sdg finance. each country needs to muster its capital requirements in consideration of its own local needs, capacity and priorities. however, in order to accelerate the momentum of moving capital towards the sdgs, there are three key considerations : first, there is the need for a concerted and urgent effort by all stakeholders including government, ngos, financial institutions, regulators, academics, investors and even consumers. by leveraging public - private partnerships, we can complement fdi inflows through blended finance initiatives towards sustainable projects. in this vein, the 2 / 5 bis - central bankers'speeches mauritian government is actively engaged in developing, under the national vision 2030, investment opportunities that align with the objectives of the sdgs to attract private capital to sustainable development needs. second is the imperative of incentivising domestic and international investors to mobilise private financing into sdg projects by maximising the financial returns on such investments. project bankability is especially challenging for sids due to limited technical expertise and access to natural resources which may explain why less than one - third of the available climate funds has been disbursed so far to developing countries and sids. in this regard it may be helpful to seek technical and financial assistance from external institutions like the world bank, the imf, the united nations and the agence francaise de developpement ( afd ) to mention but a few. international banks must also develop relevant instruments and vehicles that will attract private investors. in mauritius, with the expertise of international partners, two private companies were able to issue green bonds in 2022 and 2023. the bonds are currently listed and trading on the stock exchange of mauritius ( sem ). the sem introduced the semsi in september 2015, a sustainability index which evaluates the practices of listed companies based on esg criteria. to date, there are eighteen companies participating in this index. some local banks have also availed of external financing in the form of credit lines and guarantees from institutions like the afd for subsequent deployment as green / sustainable loans. ladies and gentlemen, i will also say that for sids which are the stewards of some of the largest ocean territories, the sustainable blue economy agenda could be transformative for national development agendas. blue bonds are emerging as an innovative way to fund ocean and water - related solutions, create sustainable business opportunities,