ariff ali : climate change, financial inclusion and inclusive green finance welcoming remarks by mr ariff ali, governor of the reserve bank of fiji, atthe rbf - afi virtual joint learning programme on inclusive green finance implementation, 19 october 2020. * * * salutations afi executive director, dr alfred hannig afi colleagues joint learning programme speakers and participants ladies and gentlemen introductory comments ni sa bula vinaka and warm greetings from the reserve bank of fiji ( rbf ). i have much pleasure in addressing you all at this virtual joint learning programme ( jlp ) on inclusive green finance ( igf ) implementation ; an event that is proudly co - hosted by the rbf and afi. we had initially planned, over a year ago, to host this programme here in fiji physically. however, despite the great efforts made to date to contain the spread and effects of covid - 19 locally, global travel restrictions have compelled us to host this meeting virtually. i am pleased to highlight that there are no active covid cases in fiji and furthermore, no cases of local transmission in over 180 days. i sincerely hope that it will not be long before you can all say the same. therefore, i welcome you all to today ’ s programme, which i hope will enhance each of your countries ’ journeys in designing relevant inclusive green finance policies and initiatives. i wish to also extend a special welcome to our distinguished speakers who will be sharing with us their invaluable knowledge and experiences over the next three days. it is always an honour for the rbf to welcome afi members to our programs ; just as we did 4 years ago when we hosted the gpf in denarau, nadi. it was also at denarau that the rbf made commitments under the maya declaration to advance green finance. more recently in 2018, the bank hosted the afi family again in nadi for a conference on smart policies for green financial inclusion, which is where afi launched its workstream on inclusive green finance. climate change, financial inclusion and inclusive green finance this joint learning programme neatly links two of the most pressing issues facing emerging and developing countries, namely financial inclusion and climate change. inclusive green finance, which is the central theme of the programme, presents a practical solution that can help address these challenges in a sustainable manner. green finance and inclusive green finance are issues that are very close to our hearts in fiji, as we in the south pacific are at the frontline in the war against climate change.

year after year, we are faced with the threat of stronger and more severe natural disasters, rising sea levels and the resulting negative impacts including the displacement of our communities. according to the 2017 climate vulnerability assessment report for fiji that was jointly compiled by the world bank and the fijian government, climate change is expected to magnify the severity and frequency of these disasters. it estimates that output that is lost every year due to 1 / 3 bis central bankers'speeches tropical cyclones and floods could increase by 50 percent to as much as 6. 5 percent of gdp by 2050. in the wake of covid - 19, new challenges and opportunities have obligated global leaders to rethink and re - focus on how best to keep their economies, businesses and livelihoods afloat, while at the same time collaborating globally to share resources and strategies to cope with emerging as well as on - going concerns such as climate change risks. similar to the current pandemic, the effects of climate change are far - reaching. the resulting impact on the most vulnerable and poorest segments of society become even more significant as they face more - than - double the usual risks of poverty when scarce resources become overstretched. while climate change deepens poverty, financial inclusion can build the resilience of individuals to sudden and extreme climate events. financial services designed specifically for the unbanked and vulnerable populations can potentially increase the affordability of climatefriendly products and services as well as improve access to adaptation tools. for this reason, it is important that we work together to find workable, sustainable solutions that will allow us to live and grow responsibly while respecting our environment. thus, the concept of building better and stronger economies through sustainable / green finance can unlock opportunities for awareness & capacity building. also, collaboration and leveraging tools that facilitate lending to green and socially inclusive projects can strengthen resilience. as central bankers and policy makers, the onus is on us to ensure that we lead this positive change within the financial industry that we regulate and oversee. inclusive green finance is a new and evolving policy area, not only for fiji, but amongst afi member institutions, and the rbf is grateful to afi and the afi network for bringing this very relevant issue to the fore for discussion. inclusive green finance and gender inclusive finance despite the overall progress in financial inclusion the world over, women are still disproportionately excluded from the formal financial system. according to the last global findex