Deputy Prime Minister and Minister of Finance Prof Biman Prasad has emphasized the urgent need to assess climate risks within the financial system, stressing its importance at a recently held Climate Change Macroeconomic course in Suva. He pointed out that climate-related challenges faced by Pacific island nations necessitate proactive fiscal policies designed to create resilience against such disasters.

Speaking about the critical nature of these policies, Mr. Prasad mentioned that the government has secured a standby loan from Japan as a strategic measure to prepare for potential climate-related emergencies. This approach, he explained, is vital for ensuring that countries in the Pacific are not only ready to respond promptly to immediate needs but are also investing in the infrastructure required for long-term sustainability.

The Deputy Prime Minister also highlighted the significance of green financing in mobilizing resources essential for sustainable development to combat climate change. During his address, he raised awareness of the hurdles that Pacific Island countries face in accessing various financing models and the burdens they impose.

In advocating for better accessibility to climate finance, he urged multilateral development banks, such as the World Bank and ADB, to reform their systems and processes, noting that these institutions often present challenges in securing necessary funds. Prof Prasad believes that well-crafted policies are fundamental to addressing the constraints that hinder effective climate funding.

Furthermore, he acknowledged the collaborative support from development partners including Australia, New Zealand, and the European Union as integral to ongoing efforts. This recognition of shared objectives underlines the importance of collaboration among nations to assess and determine the needs of the Pacific Islands, including Fiji.

In summary, Prof Prasad’s participation in the Macroeconomic course not only highlights his commitment to developing effective climate response strategies but also inspires optimism for enhanced resilience through collaborative funding initiatives. With continuous effort and strategic partnerships, there is hope for a robust response to the climate crisis, paving the way for sustainable futures in the Pacific region.