Press Release No. 11/2024
Date : 11 June 2024
Press Release No 11 –Central Banks under the AFI PIRI Plus Program Launch Roadmap for Inclusive Green Finance in The Pacific
Central banks from the Pacific region and Seychelles under the Alliance for Financial Inclusion (AFI)’s Pacific Islands Regional Initiative (PIRI) Plus convened for a four day meeting in Natadola, from 3-6 June 2024, to address the critical issue of climate change, its impact on the Pacific and the role of policymakers in climate risk financing under the theme “Sustainable Futures: Advancing Pacific Resilience through Inclusive Green Finance”. Joining the member central banks were the Reserve Bank of New Zealand and Central Banks of the Maldives and Bahamas who were invited to share their relevant experiences in the IGF space and Central Bank Digital Currency.
The PIRI meets twice annually and has become the voice of the region in raising the importance of inclusivity and equality in financial inclusion policy making and taking action to address real and emerging challenges facing the region and each individual Pacific country. The PIRI is a regional arm of AFI which is a global policy leadership alliance owned and led by member central banks and financial regulatory institutions from over 85 countries with the common objective of advancing financial inclusion at the country, regional and international levels.
In opening the meeting, Chairperson of PIRI, Governor Mr Ariff Ali, emphasised that central banks play a critical role in addressing climate risk challenges, an issue acknowledged as one of the most pressing at our Pacific doorstep. He underscored that central banks’ traditional mandates of price stability and financial stability are intrinsically tied to the health of our planet and that by integrating environmental considerations into macroeconomic frameworks central banks can incentivise investments in renewable energy, sustainable infrastructure, and climate-resilient technologies. The Governor concluded by saying that key to our Pacific efforts of scaling sustainable finance are two important aspects; the first being capacity building, collaboration and developing capacity within the financial sectors of the region and second being the pivotal role of gender and recognising the unique vulnerabilities and strengths that women face in the challenges of climate change.
Dr Eliki Boletawa, Director Policy Programs and Implementation at AFI, emphasised the crucial role of financial regulators and central banks in advancing financial inclusion and resilience. He highlighted the importance of inclusive green finance and responsible innovation, especially in light of recent climate-related disasters like the devastating landslide in Papua New Guinea. He said that these events underscore the urgent need to protect lives and create resilient financial systems that can support recovery during crises and therefore, the discussions by PIRI were not only timely but also critical as we work to enhance our resilience against environmental shocks and emergencies.
At the end of the meeting the PIRI agreed and endorsed the Natadola Roadmap to Inclusive Green Finance which sets ambitious targets aimed at integrating sustainable practices, inclusive policies, and collective action into the financial systems of the region. The Roadmap aims to develop and implement regional IGF projects that promote green financial inclusion across climate vulnerable countries in the Pacific. The Roadmap implementation will be spearheaded by the PIRI with support from the Global Green Growth Institute (GGGI) through the Greening the Pacific Financial System Project funded by the French development agency Agence Francaise de Developpement (AFD).
RESERVE BANK OF FIJI
For further details, please contact:-
Communications Office
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Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj