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Financial inclusion and climate change policy peer learning initiative (FICC)

As of: March 2021

The members of the Alliance for Financial Inclusion (AFI) view financial inclusion as a key factor for the achievement of SDGs. The AFI provides central banks, financial supervisory authorities, finance ministries and other relevant actors in over 80 developing markets and emerging economies with a global platform for financial inclusion. Together, these parties are working to develop innovative and effective political strategies for combating climate change and adapting to its impacts. The project is also offering peer learning, resource- and expertise-building, public-private dialogue, institutional analysis and other services for AFI members, with the aim of ensuring that they are then in a position to implement relevant national policy goals. More than 200 decision makers will benefit from these professional training programmes. Insights will be shared in the AFI network and therefore also with financial regulatory bodies.

State of implementation/results

  • Three international media outlets pubished articles and interviews with AFI that highlighted the importance of IGF. In an opinion article for Devex AFI ED Dr. Alfred Hannig emphasized how AFI member institutions are using IGF policies to revolutionize their business models, and provided examples from the network and steps regulators can take to transform the green financial inclusion space (www.devex.com/…),
  • In an extensive interview, the Economist Intellgence Unit quoted Dr. Hannig as saying that inclusive green finance can fill in an important gap in COVID-19 economic recovery, particularly among financial institutions that offer green finance solutions in markets facing significant climate change challenges (eiuperspectives.economist.com/…).
  • AFI IGF Head Johanna Nyman co-authored an article for Nikkei Asian Review with Eric Zusman from the Institute for Global Environmental Studies, demonstrating the importance of and connection between climate change and financial inclusion for central banks (asia.nikkei.com/…).
  • Three technical working group webinars were hosted by AFI. The first focused on establishing the fundamentals of the thematic area with an introduction to IGF, the SDGs and AFI's 4Ps of IGF (www.afi-global.org/…).
  • Enabling policies that would strengthen resilience to climate change were the focus in the second and third IGF technical webinars. In his opening remarks, AFI ED Dr. Hannig highlighted an increasing income and protecting ecosystems as crucial, with agriculture contributing to a significant part of the GDP in many countries globally (www.afi-global.org/…).
  • All IGFWG technical webinars have been made available on AFI's official YouTube channel to benefit both AFI members and the wider audience (bit.ly/…).
  • AFI carried out a social media campaign in conjunction with World Environment Day from 1-7 June 2020 to raise awareness on the work of AFI member institutions working on IGF. The campaign was punctuated with the launch of the Second Edition of the IGF Survey of the Policy Landscape (please see next bulletpoint) and three blogs written by key AFI leaders.
  • According to Governor Dasho Penjore from the Royal Monetary Authority of Bhutan, the process of developing a Green Finance Roadmap has been a major turning point for the country in bringing together an array of important stakeholders to engage in long-tern sustainability strategies (www.afi-global.org/…).
  • In an opinion piece that emphasizes the key role that central banks have in developing unified policies, Governor Tarek Hassan Amer from the Central Bank of Egypt and AFI Board Chair, and AFI Executive Director Dr. Hannig explain how central banks and other financial institutions in developing and emerging economies are increasingly adopting policies that expand access to green technologies while also including the poor in the transition to a low-carbon economy: www.afi-global.org/…
  • In her blog, Superintendenta de la Superintendencia de la Economia Popular y Solidaria de Ecuador Dr. Margarita Hernandez writes that the most vulnerable sectors must be prioritized in the recovery from the pandemic and adaptation to the impact of climate change must be addressed (www.afi-global.org/…).
  • Two knowledge products were released by IGF during this reporting period. A survey report was published to offer policymakers a variety of approaches on refining and repurposing MSME policies with a green focus. The publication entitled Inclusive Green Finance Policies for MSMEs can be found here: www.afi-global.org/…
  • Featuring 28 AFI member institutions, Inclusive Green Finance: A Survey of the Policy Landscape (Second Edition) was launched in conjunction with World Environment Day. According to Walid Ali from the Central Bank of Egypt and co-chair of the IGF Working Group, green solutions should be seriously considered in long-term economic recovery to the current COVID-19 crisis. The survey report can be found here: www.afi-global.org/…

Further Links

Project data

Country:
worldwide

Implementing organisation:
Alliance for Financial Inclusion (AFI)

Political partner(s):
  • Diverse climate change relevant institutions in the respective partner countries/Diverse klimarelevante Institutionen in den entsprechenden Partnerländern
  • United Nations Environment Programme (UN Environment)

BMU grant:
2.996.636,00 €

Duration:
06/2018  till  12/2021


Website(s):

Video



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