Fiji has reaffirmed its dedication to climate action, calling for immediate reforms in climate finance aimed at Small Island Developing States (SIDS).
During a speech to global leaders in New York, President Ratu Wiliame Katonivere emphasized the critical need to restrict global warming to 1.5 °C and pointed out the inherent justice issues surrounding climate finance.
He highlighted that SIDS are confronted with considerable obstacles in accessing climate funding, a situation worsened by high levels of debt and the costs associated with disaster response.
Katonivere explained that the current international financial system falls short, leaving Pacific Island Countries in need of substantial annual financing to support adaptation efforts while lacking the necessary resources to meet their climate challenges.
He criticized the unfulfilled 2009 commitment to provide US$100 billion annually to developing nations for climate change initiatives, urging for increased grants and concessional loans.
Additionally, he recognized Germany’s contributions to climate finance and called for quicker access to funding that aligns with the priorities of Pacific communities.
Katonivere stressed the need for enhanced grant allocations and improvements to the Multidimensional Vulnerability Index to assist SIDS in securing crucial financial support.
Incorporating this index into climate financing mechanisms is vital for the survival of these island nations.