The Environment and Climate Change Ministry in Fiji is set to create a Carbon Market Unit under its Department of Climate Change to attract carbon investment and unlock climate finance. Minister Mosese Bulitavu announced this initiative during a parliamentary session, emphasizing its role in operationalizing carbon market regulations and facilitating emissions reduction projects.
The minister mentioned an allocated budget increase of $203,000, which includes $106,000 specifically for the establishment of the Carbon Market Unit. This funding is aimed at supporting the operationalization of carbon market regulations and mobilizing finance for climate initiatives. Additionally, a further $500,000 is designated to implement the Climate Change Act 2021, which includes the development of regulations for various components of the Act and the finalization of Fiji’s National Climate Communications Strategy.
Bulitavu pointed out that the initiative would also align with tax incentives for carbon trading, exempting the income of businesses involved in carbon trading from income tax. This progressive approach indicates the government’s commitment to building a robust framework for climate action and sustainable development.
Past initiatives have already laid groundwork for Fiji’s climate strategy, including a national budget allocation of $10.8 million towards implementing the Climate Change Act 2021. This funding supports various environmental assessments and encourages community-led projects to tackle ecological challenges.
The establishment of the Carbon Market Unit reflects a proactive stance towards integrating local communities into climate action strategies, promoting sustainable practices and generating new economic opportunities. As Fiji navigates towards its ambitious climate goals, these developments signify hope for enhanced environmental governance and community resilience.
With the focus on building capacity, engaging communities, and ensuring equitable participation in carbon markets, Fiji is positioning itself strategically as a leader in global climate efforts while empowering its citizens to protect their environment.
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