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BRINGING SMART POLICIES TO LIFEINCLUSIVE GREEN FINANCE: A SURVEY OF THE POLICY LANDSCAPEAFI SPECIAL REPORTGREEN FINANCE: HOW SOON WILL CENTRAL BANKERS BACK INCLUSION?3EXECUTIVE SUMMARY 5INTRODUCTION 6FINANCIAL INCLUSION AND CLIMATE CHANGE: MAKING THE CONNECTIONS 7Climate Change Deepens Poverty 7Financial Inclusion Builds Resilience to Climate Change 8Green Technologies Help to Mitigate Climate Change and Reduce Poverty 10STRATEGIES AND POLICIES FOR INCLUSIVE GREEN FINANCE 11Linking Financial Inclusion and Climate Change in Financial Sector Strategies 11The 4P Framework of Inclusive Green Finance: Provision, Promotion, Protection and Prevention 13Involvement of Central Banks and Financial Sector Regulators in National Climate Policy Development 22CONCLUSION 23APPENDIX 251. AFI Member Survey on Inclusive Green Finance 262. List of Interviewees 27 2019 (May), Alliance for Financial Inclusion. All rights reserved.CONTENTSAUTHORSThis report was written by Klaus Prochaska and researchers from the Institute for Global Environmental Strategies (IGES) (Eric Zusman, Yuqing Yu, Muhammad Hazim Bin Rosli, So-Young Lee and Yi Ying Lee) with invaluable inputs by Prof. Daniel Schydlowsky. The report was developed through consultations with the following representatives of twenty AFI member institutions coordinated by Sarah Corry:Ani Badalyan, Armenuhi Mkrtchyan, Anna Vardikyan (Central Bank of Armenia); Asif Iqbal (Bangladesh Bank); Kamarul Hoque Maruf (Insurance Development and Regulatory Authority of Bangladesh); Enrico Dalla Riva, Stanislaw Zmitrowicz (Banco Central do Brasil); Som Kossom (National Bank of Cambodia); Cristian Vega Cespedes (Superintendencia General de Entidades Financieras de Costa Rica); Khaled Bassiouny, Walid Ali (Central Bank of Egypt); Poasa Werekoro, Christina Rokoua (Reserve Bank of Fiji); Ricardo Estrada, Jennifer Prez (Superintendencia de Bancos de Guatemala); Amr Ahmad, Waleed Samarah (Central Bank of Jordan); El Anzaoui Ibtissam, Ghita Tahiri (Bank Al-Maghrib); Narayan Prasad Paudel (Nepal Rastra Bank); Aisha U. Mahmood (Central Bank of Nigeria); Malik Khan, Muhammad Ishfaq, Saeed Afgan (State Bank of Pakistan); Christian Tondo (Central Bank of Paraguay); Rochelle D. Tomas (Bangko Sentral ng Pilipinas); Francoise Kagoyire, James Rwagasana (National Bank of Rwanda); Nangi Massawe (Central Bank of Tanzania); and Alison N. Baniuri (Reserve Bank of Vanuatu).3INCLUSIVE GREEN FINANCE: A SURVEY OF THE POLICY LANDSCAPEMany of the countries represented in AFI are indeed particularly vulnerable to changing climates. In Fiji, for example, Tropical Cyclone Winston wiped out a third of the countrys gross domestic product (GDP) in early 2016. Three years later, Cyclone Idai became the strongest cyclone on record in the Southern Hemisphere, causing the deaths of over 1,000 people and devasting pasts of Mozambique, Malawi and Zimbabwe.Through its inclusive green finance program, AFI works toward implementing the United Nations Framework Convention on Climate Changes (UNFCCC) Paris Agreement by advancing the long-term goal of making finance flows consistent with a pathway toward low greenhouse gas emissions and climate-resilient development (Article 2.1c). Policies under the 4P framework also support agreed practical efforts to enhance adaptive capacity, strengthen resilience and reduce vulnerability to climate change while also averting, minimizing and addressing loss and damage associated with its adverse effects (Articles 7 and 8). I welcome the recent shift in the attention of central banks towards climate change. It reminds me of the early days of AFI, when financial regulators discussed to include financial inclusion in their mandates. Slowly but surely these efforts came to fruition, giving rise to a diverse global network of over 100 member institutions that are leading impactful policy change for the worlds unbanked. Today, its time for AFI to widen its focus by advocating global efforts on green finance that are inclusive by making sure they meet the needs of low-income people at the bottom of the pyramid.By Dr. Alfred Hannig AFI Executive DirectorGREEN FINANCE: HOW SOON WILL CENTRAL BANKERS BACK INCLUSION?When the leaders of central banks in Europe jointly proclaimed in April this year at a global conference organized by the Network for Greening the Financial System (NGFS) in Paris that responding to climate change was within their mandates, I couldnt help but be impressed by the rapid and recent shift in the mindset of central bankers globally.Members of the Alliance for Financial Inclusion (AFI) have been at the forefront of this trend. Inclusive Green Finance focuses on enabling mitigation and creating resilience for low income individuals and MSMEs. Given the existential threat that climate change poses to low-income populations in developing countries, these policies increasingly seem less like a choice and more of an imperative. This also brings complementarity to other global initiatives, such as the Network for Greening the Financial System, focused on scaling up green finance through capital markets and large-scale project financing.Our new report - “Inclusive Green Finance A Survey of the Policy Landscape” - shows that many AFI members are devising and implementing policies that include both individuals and micro, small and medium enterprises (MSMEs) in efforts to mitigate or build resilience to the impacts of climate change. In the report, we categorize these policies into the “4Ps of Inclusive Green Finance”: Provide, Promote, Protect and Prevent. The 4P Policies have been identified from existing and practical policy responses of AFI members to the effects of climate change. They generate financial services for climate action from the private sector or use financial infrastructure to deploy them.Recognizing the need for collaborative action, the AFI Network adopted the Sharm El Sheikh Accord on Financial Inclusion, Climate Change and Green Finance already in September 2017, with further guidance outlined in the 2018 Nadi Action Agenda. By working towards common objectives, developments at the national level to advance inclusive green finance should not be separated from the global UNFCCC process, but included in national planning as well as reporting on the implementation of the Paris Agreement.Dr. Alfred Hannig, AFI Executive DirectorSolar powered water pump for irrigation and water supply in village, Zingiziwa, Malawi 4INCLUSIVE GREEN FINANCE: A SURVEY OF THE POLICY LANDSCAPEThere is still much to learn, but policymakers and regulators are finding there is often no need to reinvent the wheel. In many cases, existing policy tools and techniques for low-income populations and MSMEs can be refined and repurposed with a “green” focus. This allows policymakers to act swiftly while taking the time to prepare the groundwork for more innovative policies. There is fast-growing demand in the AFI network for policy and regulatory guidance on inclusive green finance. This survey of the policy landscape reveals new and emerging policy practices that are guiding the transition to more inclusive and resilient low-carbon economies, and thereby contribute to the global effort to implement the Paris Agreement and achieve climate-related Sustainable Development Goals (SDGs). 5INCLUSIVE GREEN FINANCE: A SURVEY OF THE POLICY LANDSCAPEinclude individuals and MSMEs in climate mitigation and resilience efforts and have one thing in common: they either catalyze financial services for climate action from the private sector or use financial infrastructure to deploy them. The policies fall within four key pillars of inclusive green finance policy and can be understood as the 4Ps of inclusive green finance: Provision, Promotion, Protection and Prevention. This framework provides financial policymakers and regulators with a typology of available policy options.1. PROVISIONProvision policies help to ensure financial services are provided to qualified beneficiaries, whether through targeted lending for renewable energy projects or through refinancing recovery and reconstruction efforts.2. PROMOTIONPromotion policies create incentives for the private sector to offer financial services to qualified beneficiaries, for example, through moral suasion, awareness raising and capacity building for green lending, or data collection and dissemination on green finance.3. PROTECTIONProtection policies reduce financial risk by “socializing” potential losses through insurance or social payments, or by giving one early access to their assets in a time of crisis, such as early withdrawals from pension funds. Policies in this category provide a much-needed safety net and help to build resilience by accelerating and facilitating recovery from extreme climate events.4. PREVENTIONPrevention policies aim to avoid undesirable outcomes by lowering financial, social and environmental risks. As part of this effort, AFI members are enacting Environmental (and Social) Risk Management (ERM or ESRM) Guidelines to proactively assess and address the social and environmental externalities and risks of their institutions activities, including the unintended consequences of financing.EXECUTIVE SUMMARYClimate change deepens poverty. It is widely accepted in the AFI network that climate change is a threat to development and that it has already imposed a high cost on low-income and vulnerable populations in developing and emerging economies. However, there is ample research that shows financial inclusion is one of the best ways to build individual and collective resilience to the effects of climate change. Savings, credit, insurance, money transfers and new digital delivery channels all provide a financial buffer against climate-driven events like changing weather patterns, cyclones and storm surges, and aid in recovery and reconstruction. Meanwhile, supportive financing for green technologies, like solar-powered home energy systems and cleaner cookstoves, help to mitigate the effects of climate change and include those at the bottom of the economic pyramid in the transition to low-carbon economies. Inclusive green finance is a new and evolving policy area in which AFI member institutions are beginning to devise and implement policies, regulations and national strategies to mitigate or build resilience to the sweeping environmental, health, social and economic effects of climate change. To understand the scale and scope of these efforts, AFI conducted a member survey in 2018 that asked why financial regulators were working on climate change, how they have been integrating climate change concerns in their national financial inclusion policies and other financial sector strategies, and how they are collaborating with national agencies or institutions.1More than 90 percent of AFI members interviewed for the survey indicated they are already taking or plan to take steps to address the impacts of climate change in their countries. The survey uncovered a growing trend in the AFI network to link financial inclusion and climate change at the national level, either in National Financial Inclusion Strategies (NFIS) or other financial sector strategies. More than 75 percent of the 19 countries2included in the survey have explicitly linked climate change and financial inclusion in their national financial sector strategies, and many have already enacted a broad range of policies to turn their strategic objectives into reality. In line with the Sharm El Sheikh Accord on Financial Inclusion, Climate Change and Green Finance and more recently the Nadi Action Agenda these policies 1 For more information on the AFI member survey and results, see Appendix 1.2 These AFI members represent 14 percent of the entire AFI membership.6INCLUSIVE GREEN FINANCE: A SURVEY OF THE POLICY LANDSCAPEAFI member institutions have been enacting an array of policies and regulation aimed at mitigating the impacts of climate change and building resilience. While most global efforts have focused on scaling up green finance through capital markets and large-scale project financing, some AFI member institutions have started to expand this focus. By “scaling down” green finance to include low-income individuals and MSMEs, AFI members are beginning to actively engage those who not only feel the impacts of climate change most acutely, but also have the most to gain from climate mitigation and resilience efforts. Given the existential threat that climate change poses to developing countries, these policies increasingly seem less like a choice and more of an imperative. Inclusive green finance for climate action is a rapidly evolving policy area. This report takes stock of the current state of practice in the AFI network and the national strategies, policies and regulations beginning to guide the transition to low-carbon economies and build resilience to climate change. From climate risk insurance to lending programs for green products and technologies, these efforts fall within four key policy pillars of inclusive green finance: Provision, Promotion, Protection and Prevention. When the “yellow vests” first took to the streets of France in late 2018, the violent protests took the French government as much as the rest of the world by surprise. Sparking the unrest was the announcement of a fuel tax aimed at reducing carbon emissions to many, a reasonable step by a country at the forefront of climate action. Large parts of Frances low-income population, however, believed that the burden of this tax would fall disproportionately on their shoulders. The protests have since turned into a social movement, slowing economic growth and destabilizing the government. If one lesson can be drawn from Frances experience, it is that policies for climate action cannot ignore the interests of those at the bottom of the economic pyramid. It is evident that climate action in developing countries will require different measures than in a developed, carbon-emitting country like France. Many of the countries represented in the AFI network are particularly vulnerable to a changing climate. For example, in Fiji, Tropical Cyclone Winston wiped out a third of the countrys GDP in 2016, and in March 2019, Cyclone Idai affected Mozambique, Malawi and Zimbabwe as the strongest cyclone on record in the Southern Hemisphere with a death toll of over 1,000. INTRODUCTIONYellow Vests protesters against fuel tax, government, and French President Macron with French flag at Champs-lyses, France7INCLUSIVE GREEN FINANCE: A SURVEY OF THE POLICY LANDSCAPEIn 2017, floods affected about 41 million people in South Asia, while nearly 892,000 faced drought-related internal displacements in East Africa.8Those not displaced from their homes are still at risk of losing their property and livestock to climate-related disasters, and often lack access to the kinds of public services that aid recove
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