The Fiji Development Bank (FDB) is taking significant steps to enhance private and blended climate finance through newly revised strategies and loan products, backed by support from the Global Green Growth Institute (GGGI). Shomi Kim, GGGI’s Pacific representative from Polynesia, highlighted that Fiji requires an estimated $4.4 billion for climate mitigation efforts and an additional $9.9 billion for adaptation to fulfill its national climate obligations. With less than 40 percent of this funding expected to come from public sources, the role of financial institutions in mobilizing private and sustainable finance is becoming increasingly crucial.
Kim emphasized that FDB is uniquely positioned to develop financial products aimed at promoting renewable energy, sustainable transportation, and climate resilience investments. The bank has the advantage of accessing global climate finance as a credit entity, which can serve as a risk mitigation mechanism, allowing it to offer innovative solutions for climate-related challenges.
In her remarks, Kim noted that market-driven financial instruments have proven to yield more significant impacts compared to traditional grant-based funding models. Setaita Tamanikaiyaroi, the Manager of Climate and Eco-Finance at FDB, spoke on behalf of the bank’s chief executive, Filimone Waqabaca, stating that the bank is moving away from conventional lending practices towards financing that enhances climate and environmental resilience.
The recent workshop, facilitated by GGGI, marks the conclusion of a year-long technical assistance program designed to position FDB as a key national climate finance intermediary. This initiative underscores the growing recognition of the importance of innovative financial solutions in addressing the impacts of climate change, and reflects a hopeful outlook towards creating a sustainable future for Fiji.
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