all these factors can contribute to higher inflation and lower growth, which can erode the purchasing power of households and businesses. as 3 / 6 bis - central bankers'speeches we all know, such events are becoming more frequent in recent years. therefore, it is essential that we take concerted climate action to safeguard the future of our planet and its inhabitants. 14. the g20 countries have a major responsibility in providing leadership for global action on climate change and provision of climate finance, together with transfer of technology, to take this agenda forward. in dealing with weather related disasters, india has made noteworthy progress in its green transition agenda and capacity creation for efficient disaster management. sharing our experience with other g - 20 countries could open up scope for collaboration, in pursuit of the common goal of a greener global economy. 15. it is noteworthy that india is the highest ranked g20 country according to the climate change performance index3 2023 and is also the 5th best performing country globally. given that india is widely expected to remain as one of the fastest growing economies in the world, our energy demand could rise manifold. the challenge for us is twofold : one, to meet the projected increase in energy demand ; and two, to rapidly transition from fossil fuel to renewables. 16. climate proofing of our infrastructure has also been a priority, more so in view of the large investment in infrastructure in recent years. through global forums such as the coalition for disaster resilient infrastructure ( cdri ) 4, india is providing leadership to global efforts for addressing these challenges. 17. we live in a world where the global macro - economic and financial outlook may become increasingly uncertain because of climate events, and only a committed global response with a spirit of collaboration can help mitigate the impending risk. in this context, the need for scaling up climate finance for mitigation and adaptation efforts in a balanced manner is well recognised if we were to meet the ambitious net zero targets. in this endeavor, multilateral development banks ( mdbs ) have an important role to play. they must evolve to meet the increasing demand for lending resources, provide knowledge support and catalyse private investment while continuing with their traditional roles of poverty reduction and achieving the sustainable development goals ( sdgs ). to address these issues, the g20 has set up an expert group to deliberate on strengthening the mdbs. 18. as i proceed to conclude, let me state that recent developments in the us banking system have brought to the fore the

duvvuri subbarao : reflections on leaders and leadership edited transcript of comments by dr duvvuri subbarao, governor of the reserve bank of india, at the national convention on leadership at cii - suresh neotia centre of excellence for leadership, kolkata, 9 december 2011. * * * the intellectual support of alpana killawala and suddhasattwa ghosh in conceptualizing these random reflections is gratefully acknowledged and deeply appreciated. 1. thank you very much for the opportunity to speak at this national convention on leadership. as it happens, i have never thought explicitly or systematically about leadership as a subject. but ever since i got an invitation to speak at this conference from shri harsh neotia about two months ago, i ’ ve been trying to think through the subject in a structured manner. my mind would refuse to focus though, and my thoughts would travel repeatedly, often unconsciously, to mahatma gandhi, by far the most influential, if also enigmatic, leader india has seen. mahatma gandhi 2. many of you may have seen richard attenborough ’ s oscar - winning movie “ gandhi ”. some of you may be able to recall the opening scene of the movie. as the mahatma ’ s funeral procession moves on, we hear these emotion - laden words : “ the object of this massive tribute died as he had always lived – a private man without wealth, without property, without an official title or office. ” 3. as the cortege continues on its way, we see shots of marching soldiers, and faces of all religions – hindus, muslims, sikhs, christians – and people from all regions, all castes and creeds. the voice - over continues : “ mahatma gandhi was not a commander of great armies nor ruler of vast lands ; he could boast of no scientific achievements, no artistic gift. yet men, governments and dignitaries from all over the world have joined hands today to pay homage to this little brown man in the loin cloth, who led his country to freedom. ” 4. to this moving tribute, i must add what albert einstein had so touchingly and powerfully said of gandhi : “ generations to come will scarce believe that such a man as this, in flesh and blood, ever walked on this earth. ” 5. these words, perhaps more than anything else, sum up the uniqueness of the mahatma ’ s leadership. if you think about it, it is amazing that