Unable to Read Blob Storage account Directories and sub Directories

I am trying to read directories and sub directories of the storage account and unable to read, below is the sample code and attached blob container structure snapshot

sample code:

  CloudBlobContainer container = Retrier<CloudBlobContainer>.TryWithDelayIncremental(() => blobclient.GetContainerReference(ContainerName), NoOfRetries, DelayInMilliSecs);

var directory = container.GetDirectoryReference(@"policies /Initiatives");
            var folders = directory.ListBlobs().Where(b => b as CloudBlobDirectory != null).ToList();
            foreach (var folder in folders)
            {
                Console.WriteLine(folder.Uri);
            }

folder structure:

container and folder:

Based on your capture, policies is the name of your container, if you want to get all URIs of folders under /Initiatives in container policies, you should not involve container name in directory reference name, try the code below :

    CloudBlobContainer container = blobClient.GetContainerReference("policies");

    var directory = container.GetDirectoryReference(@"Initiatives");
    var folders = directory.ListBlobs().Where(b => b as CloudBlobDirectory != null).ToList();
    foreach (var folder in folders)
    {
        Console.WriteLine(folder.Uri);
    }

Test result on my side :