The role of financial regulators and central banks is pivotal in driving forward the agenda of financial inclusion and resilience, particularly through inclusive green finance and responsible innovation.
Alliance for Financial Inclusion (AFI) director Policy Programs and Implementation Dr Eliki Boletawa made this comment in his opening remark at the bi-annual Pacific Islands Regional Initiative (PIRI) meeting – co-hosted by the Reserve Bank of Fiji (RBF) in Natadola last week.
He cited the recent devastating landslide in Papua New Guinea, which he said served as a stark reminder of the urgent need to protect the lives of people from climate-related disasters.
“The loss and disruption caused by such events underscore the importance of our work in creating resilient financial systems that can support recovery and provide security in times of crisis,” Dr Boletawa said.
“Improving living standards is a goal we all share. Inclusive green finance lays the foundation for the right type of policies that are relevant, timely and inclusive in how we protect, prevent, promote, and secure a better quality of life for all Pacific islanders.”
Dr Boletawa said their commitment to inclusive green finance as embodied in the Sharm El Sheikh Accord — a global climate pact agreed at COP27 in 2022 — is essential in addressing the dual challenges of financial inclusion and climate resilience.
At last week’s meeting of Pacific central bank governors who are members of AFI’s PIRI reaffirmed their commitment to that Accord, and agreed to advance it through the Natadola Roadmap to Inclusive Green finance (IGF) in the Pacific that was endorsed at the meeting.
PIRI members are the Reserve Bank of Fiji, Bank of Papua New Guinea, Central Bank of Samoa, Central Bank of Solomon Islands, National Reserve Bank of Tonga, Reserve Bank of Vanuatu and Central Bank of Seychelles in East Africa.
