The Fiji Development Bank (FDB) has emphasized that climate change is not merely a future concern but is already impacting businesses and the broader economy in Fiji. With the challenges posed by flooding, extreme weather, and disruptions to supply chains, micro, small, and medium-sized enterprises are among the hardest hit.
Setaita Tamanikaiyaroi, the Climate and Eco-Finance Manager at FDB, shared these insights during a recent workshop hosted by the Global Green Growth Institute. This initiative aimed to bolster the bank’s climate finance strategies. Tamanikaiyaroi stressed the importance of financing decisions that can help businesses adapt, stating that it is vital to fund resilience efforts to safeguard livelihoods and minimize losses.
“Our aim in this validation workshop is to shift from a debt-funded approach to investments that enhance climate and environmental resilience because the science is clear,” Tamanikaiyaroi noted. She warned that delaying action will only make adaptation and mitigation more challenging and expensive.
Additionally, Tamanikaiyaroi highlighted the success of pilot programs incorporating parametric climate insurance, which provided swift financial relief in the aftermath of heavy rainfall. This innovative approach not only supports businesses but also fosters a proactive stance against climate-related risks.
The initiatives undertaken by the FDB reflect a growing recognition of the urgent need for robust climate finance strategies. By addressing these challenges head-on, businesses can better prepare for the uncertainties posed by climate change, safeguarding both their operations and the communities they serve.
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