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Financial Inclusion and Climate Change Policy Peer Learning Initiative (FICC)

As of: September 2020

Objective and activities

The Financial Inclusion and Climate Change (FICC) project will provide a global platform for central banks, financial regulators, ministries of finance and other financial inclusion stakeholders to understand the link between financial inclusion and climate change, and learn innovative, proven policy strategies that can help mitigate, and adapt to the adverse impact of climate change. The project will offer peer learning, capacity building, public-private dialogue, institutional diagnostics and other support services for members of the Alliance for Financial Inclusion (AFI) to articulate and implement national policy objectives on financial inclusion and climate change. It is expected that 15 countries will define national policy objectives, and that 5 countries will develop and implement new policy interventions. Over 200 policymakers will benefit from customized training. Lessons from the project will be shared with the AFI network and benefit financial regulators and policy makers.

State of implementation/results

  • Inclusive Green Finance (IGF) is a new policy area, and it is proving to be a unique approach to build resilience and enable mitigation to climate change amongst those that are most disadvantaged. We have seen an acceleration in the number of countries integrating IGF as part of their national financial sector strategies; an increase in the formation of networks which brings together key stakeholders including from the private sector to work on IGF policies; and increased interest in peer learning and sharing of ideas on the topic at the global, regional and national level. With the establishment of IGF as a policy area in its own right, we see green finance policies being translated into actionable plans with multi-stakeholder cooperation.
  • At a pre-COP25 panel discussion at San Jose in October 2019, AFI members discussed how financial regulators are using IGF policies to contribute to the implementation of the Paris Agreement and help tackle the climate emergency. AFI highlighted the newly established IGF Working Group and emphasised how the mandate of central banks builds resilience to address the climate emergency. Christina Rokoua-Qio from the Reserve Bank of Fiji spoke about the risk posed by climate change to financial stability and how “we see ourselves as taking the lead for the private sector to tackle climate change.” News on the pre-COP25 side event can be found here:…
  • Bank Al-Maghrib and AFI co-hosted the Global Green Conference to facilitate dialogue and cooperation among financial policy-makers and regulators on green finance policies, emerging strategies and developments in the financial sector. Over 100 policy-makers from more than 40 developing and developed countries engaged in discussions on how inclusive policies on green finance are contributing to global climate action and how green products can bring the financially excluded into the financial system.… Ahead of the conference, AFI held its first-ever IGF capacity building event focusing on the 4P framework, key IGF terminologies, integrating climate change concerns into national financial inclusion policies and ties between IGF and gender-inclusive finance. News on the capacity building event can be found here:…
  • The Royal Monetary Authority (RMA) of Bhutan and AFI co-hosted the country’s first-ever Joint Learning Program (JLP) on IGF in Thimphu, Bhutan Over 70 participants including RMA Bhutan staff, local financial and non-financial institutions as well as several government agencies spent two days engaged in in-depth discussions on the main challenges faced when integrating climate change into various financial sector strategies, peer learning on solutions, as well as hot to design and implement effective national strategies and roadmaps for IGF. According to RMA Bhutan Governor Dasho Penjore, “There is absolutely nothing that should slip through our fingers that has environmental degradation.” News on the JLP can be found here:… As a result, the RMA of Bhutan has embarked on the country’s roadmap for green financing by creating tools and criteria, identifying key stakeholders and establishing monitoring, supervision and assessment structures for the country’s financial sector. News on RMA Bhutan embarking on the roadmap can be found here:…

Further Links

Project data


Implementing organisation:
Alliance for Financial Inclusion (AFI)

Partner institution(s):
  • African Development Bank, Asian Development Bank, 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 €

06/2018  till  01/2021



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