Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, has urged donor partners, investors, and larger nations to support the Pacific Resilience Facility (PRF).
Speaking at the Moana Pavilion in the Blue Zone of COP 29 in Baku, Azerbaijan, Professor Prasad highlighted the PRF as a sustainable financial mechanism aimed at providing consistent support to climate-vulnerable communities confronting the escalating challenges posed by climate change. He emphasized that the PRF is a Pacific-led initiative designed to address regional needs through locally tailored financing solutions and a commitment to innovation in financial strategies.
Professor Prasad noted that the PRF addresses a significant gap in funding for community-based resilience initiatives. He shared progress made by Pacific leaders in establishing the PRF within regional structures and connecting it with international funding sources.
He also mentioned that the PRF was acknowledged in COP 28’s decision regarding loss and damage finance, showcasing it as a pioneering funding arrangement for addressing climate-related losses and damages. This recognition is anticipated to amplify awareness of this vital mechanism on the global stage.
The initiative represents a collaborative approach to tackling climate vulnerabilities in the Pacific, offering hope for a more resilient future through innovative financial solutions.
In a world increasingly affected by climate change, the establishment of such facilities underscores the importance of regional efforts supported by global partnerships. The PRF could serve as a model for other regions facing similar challenges, highlighting the potential for innovative, localized solutions to address global issues.
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