Central banks must connect climate change and financial inclusion.
In August 2019, Kerala in India faced a second straight summer of extended downpours and flooding. As rains inundated the region, a colleague working for a local government shared smartphone footage of rising waters moving fast enough to carry away cattle and deer.
While these images filled the screen, the colleague’s words revealed a more worrying result of the rains: climate change was destroying assets and deepening poverty for many of the region’s low-income people and small businesses. The unfortunate truth about Kerala and other parts of Asia is that those who have the least often suffer the most from a warmer climate.
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