Fiji has reaffirmed its dedication to climate action, emphasizing the need for urgent reforms in climate finance specifically for Small Island Developing States (SIDS).
During a speech in New York, President Ratu Wiliame Katonivere underscored the necessity of limiting global temperature rise to 1.5 °C while addressing the issues of justice within climate finance.
He pointed out that SIDS encounter significant obstacles in accessing climate funds, a situation worsened by high levels of debt and costly disaster responses.
The existing international financial structures fail to provide Pacific Island Countries with the essential annual funding required for climate adaptation, leaving them without the needed resources to tackle their climate challenges.
Katonivere criticized the unfulfilled commitment made in 2009 to provide US$100 billion each year for climate action in developing nations, and he called for increased grants and concessional loans.
Acknowledging Germany’s support for climate financing, he urged for quicker access to funds that prioritize the needs of Pacific communities.
He also highlighted the need to boost grant allocations and improve the Multidimensional Vulnerability Index, which would assist SIDS in obtaining vital funding.
Integrating this index into climate financing strategies is crucial for the survival of these island nations.