‘Basel III Accord’ or simply ‘Basel III’, often seen in the news, seeks to

The correct option is: "improve banking sector’s ability to deal with financial and economic stress and improve risk management".

Explanation:

Basel III is a comprehensive set of reform measures developed by the Basel Committee on Banking Supervision (BCBS) in the aftermath of the global financial crisis of 2007-08. The main objective of these reforms is to strengthen the regulation, supervision, and risk management of the banking sector globally.

The accord aims to achieve this by:
1. Improving the banking sector's ability to absorb shocks arising from financial and economic stress, regardless of the source.
2. Improving risk management and governance within banks.
3. Strengthening banks' transparency and disclosures.

The other options provided refer to different international agreements:
- National strategies for biodiversity conservation relate to the Convention on Biological Diversity (CBD).
- Reducing greenhouse gas emissions with a heavier burden on developed countries relates to the Kyoto Protocol.
- Technology transfer for replacing chlorofluorocarbons (CFCs) in refrigeration relates to the Montreal Protocol.