斐济储备银行在金融普惠和气候变化方面的经验（英文版）_16页_1mb

Summary of the Reserve Bank of Fiji's Experience with Financial Inclusion and Climate Change

Core Content

The Reserve Bank of Fiji (RBF) has been actively involved in promoting financial inclusion and addressing climate change, particularly in the aftermath of Tropical Cyclone Winston (TC Winston) in 2016. This case study highlights the RBF's strategic initiatives, policies and partnerships aimed at building resilience and supporting a transition to a low-carbon economy.

Main Viewpoints

• TC Winston's Impact: The storm caused widespread destruction, including 40,000 homes destroyed, massive economic losses, and a significant disruption to the financial sector. This prompted the government and RBF to prioritize climate resilience and sustainable development.

• Leadership in Climate Action: Fiji became the first country to ratify the Paris Agreement in 2016 and hosted COP 23 in 2017, showcasing its commitment to climate change mitigation and adaptation.

• Financial Inclusion as a Tool for Resilience: The RBF sees financial inclusion as crucial for helping vulnerable populations withstand climate-related shocks and transition to a sustainable economy. It has been a leader in the Alliance for Financial Inclusion (AFI), endorsing the Maya Declaration and Sharm El Sheikh Accord.

• Policy Integration: The RBF's strategies are aligned with the National Development Plan (NDP), Sustainable Development Goals (SDGs), and the Green Growth Framework. These documents outline the path for Fiji to become a low-carbon, climate-resilient economy.

Key Information

Financial Inclusion Strategies

• National Financial Inclusion Strategic Plan (2016-2020): The RBF, in collaboration with the National Financial Inclusion Taskforce (NFIT), aims to increase access to financial services to 85% of adults by 2020, with a focus on women and marginalized communities.

• Strategic Goal 6.4.6: Emphasizes the development of green financial services and products to reduce environmental impact and provide benefits.

Climate Change Policies

• National Development Plan (NDP): Provides a framework for assessing sustainability and implementing climate resilience measures across the financial sector.

• Green Growth Framework (2014): Focuses on restoring sustainable development and includes climate change and natural disaster resilience as key areas.

Greening the Financial Sector

• Renewable Energy Loan Ratio (2012): Requires commercial banks to allocate 2% of their deposits and liabilities to renewable energy loans. As of August 2018, the ratio reached 4.3% in 2015, and the outstanding renewable energy loans amounted to FJD 113.2 million.

• Import Substitution and Export Finance Facility (ISEFF): Provides concessional loans to financial institutions, which then lend to businesses in the renewable and energy efficiency sectors. As of 2018, FJD 137 million had been issued, with FJD 80 million outstanding.

Resilience Measures

• Natural Disaster Rehabilitation Facility (NDRF): Established in 2009, it was reactivated after TC Winston to provide financial assistance to homeowners and businesses. It has supported over 77 businesses and 142 homeowners, with a total of FJD 25.6 million in approved loans.

• Microinsurance for Smallholder Farmers: The RBF has supported the development of microinsurance products, covering life insurance, funeral expenses, personal accident and fire. However, coverage for climate-induced disasters like cyclones and floods is still limited due to data gaps and market capacity.

• Help for Homes Initiative: Utilized mobile money (M-PAiSA) to disburse FJD 130.4 million in aid to 32,800 households affected by TC Winston. The initiative demonstrated the effectiveness of digital payments in delivering social assistance.

• Government-to-Person (G2P) Payments: These payments have been instrumental in increasing mobile money adoption, building trust in digital financial services and promoting financial inclusion.

Sustainable Finance Roadmap

• Development and Objectives: The RBF is working with the Sustainable Banking Network (SBN) to finalize a Sustainable Finance Roadmap that will guide the transition to a green economy. The roadmap aims to:
  • Align national strategies with sustainability goals.
  • Integrate environmental, social and governance (ESG) considerations into financial decision-making.
  • Improve risk management and encourage innovation in environmentally-friendly financial products.

Conclusion

The RBF has played a pivotal role in advancing both financial inclusion and climate resilience in Fiji. By developing green financial products, supporting microinsurance, and promoting digital payments, it has contributed to building a more sustainable and inclusive financial system. The Bank continues to work on expanding its green finance initiatives and aligning financial policies with national climate goals, ensuring that Fiji's financial sector is better equipped to respond to climate change and support a low-carbon future.