To conclude, a financial market in the transition to a 1.5 degree world is being built, but we need to move much faster. Now it’s time for a step change to bring the reporting, risk management and return optimisation of sustainable finance into everyday mainstream, financial decision making. Ultimately, the speed with which the new sustainable financial system develops will be decided by the ambitions of your climate policies. If more countries, like the UK, turn their Paris commitments into legislated objectives and concrete actions, the financial system will amplify the impact of their efforts by pulling forward sustainable investments and shutting down unsustainable activities.9 It is within our grasp to create a virtuous cycle of innovation and investment for the net zero world that our citizens are demanding and that future generations deserve. Let’s seize it  7  Nagy, Z, Kassam, A, and Lee, L-E,. (June 2015). Can ESG add alpha? Available: https://www.msci.com/documents/10199/4a05d4d3- b424-40e5ab01-adf68e99a169. 8 Such indices highlight those who have shown the highest rate of improvement in lowering carbon intensity. As described in ‘Financing the Low Carbon Future’ (CFLI, September 2019). Available at: https://data.bloomberglp.com/company/sites/55/2019/09/Financing-the-Low-CarbonFuture_CFLI-Full-Report_September-2019.pdf 9 The policy frameworks with the greatest impact will be: time consistent; transparent; target-based; and committed, through treaties, nationally determined contributions (NDCs), domestic legislation and consensus. The COP 21 Agreement is catalysing national policies to limit the global rise in temperatures to two degrees.
I am reliably informed that the number of branches has increased from 17 at the beginning of April last year to 55 at the end of November 2007. What is even more impressive is that these branches are found in areas which were previously not serviced by commercial banks. This indeed is a bold move and for this we must commend Barclays Bank Zambia. I am aware that the expansion programme is backed by a capital injection of approximately K40.0 billion which will make it possible for Barclays Bank Zambia to increase its services in the country, particularly to the SMEs sector. Ladies and Gentlemen, the 2005 Finscope Survey undertaken by FinMark Trust confirmed that levels of access to financial services in Zambia are low. Fewer than 15% of adult Zambians are reported to have had access to commercial banks. The reasons given for this low accessibility varied but some of the critical reasons included the distance to banks, the time spent getting to a bank and the cost of getting a bank service. With Barclays Bank Zambia opening branches closer to the people it is our conviction that the number of Zambians to have access to banking services will increase. We therefore encourage as many Zambians as possible to use these facilities. To the residents of Chilenje, I urge you to utilize the services offered by Barclays Bank, otherwise the bank may opt to close its branch due to lack of business and you will be left with no bank in your area.