Inclusive financial systems: A critical enabler for autonomous and transformational adaptation in vulnerable countries

The IEU will organize a joint session with CGAP as part in the 8th Asia-Pacific Climate Change Adaptation Forum (APAN Forum) taking place in person from 30 August to 1 September in Incheon, South Korea.

Session Information

 Title: Inclusive financial systems: A critical enabler for autonomous and transformational adaptation in vulnerable countries
Date: Thursday 31st August
Time: 2 - 3.30 pm KST
Format: In person

Description 

Very little climate finance is reaching those who are in the greatest need of financing to adapt to the effects of climate change. International development funders are testing new financing solutions to support the adaptation of the most vulnerable through locally led adaptation finance that supports local governments or climate-responsive financial services for small businesses and individuals.  

Inclusive financial systems are the center piece that enables international climate finance to be delivered to the most vulnerable. However, only few financial systems are designed or sufficiently developed to reach these populations effectively and with solutions that enable their autonomous adaptation to climate change.  

There is an unmet potential in financial services to empower poor and vulnerable households to take their own actions toward climate adaptation and resilience: Whatever strategies people pursue, they need savings, payments, loans, and insurance to help them do it. Unlocking that potential is not about individual products, but about building inclusive financial systems that are resilient and responsive to the climate adaptation needs of low-income clients. Bringing that about will depend on financial inclusion investors, climate funders, financial service providers, governments, and local actors working together in new ways toward a shared vision. 

This session will contribute to enhancing our understanding of locally and individually led climate change adaptation approaches and serve as a platform to exchange experience and knowledge about successful adaptation finance approaches, offering actionable recommendations for practitioners, financing institutions, and international organisations among others, with a particular focus on protecting highly vulnerable groups.  

Speakers

• Krishnan Narasimhan, Lead Specialist (CDRFI), UNCDF
• Lorenzo Chan, CEO and President, Pioneer Insurance 
• Yeonji Kim, Knowledge Management and Uptake Specialist a.i., GCF-IEU 

Conference Information

Where: Songdo Convensia Convention Center, Incheon City, Republic of Korea
When: 30 August – 1 September 2023

Background

Considered Asia-Pacific’s largest and longest-standing gathering of adaptation practitioners to share information, knowledge and best practices in adaptation and resilience-building, the Asia-Pacific Climate Change Adaptation Forum (APAN Forum) is the biennial flagship event of the Asia Pacific Adaptation Network (APAN) Secretariat, hosted within the UN Environment Programme (UNEP) Regional Office for Asia and the Pacific.

The APAN Forum serves as a primary regional platform for adaptation practitioners to meet, exchange knowledge and experiences, and collaborate towards the pertinent outcomes and practical solutions that are needed to address the challenges of climate change.

The 8th APAN Forum will take place in-person from 30 August (Wednesday) to 1 September (Friday) during the Korea Global Adaptation Week (KGAW) 2023. It will be hosted by the Ministry of Environment of the Republic of Korea, the Korea Environment Institute – Korea Adaptation Center for Climate Change and Incheon Metropolitan City, and co-organised by the UN Framework Convention on Climate Change (UNFCCC) and the UNEP through the APAN Secretariat.