Deputy Prime Minister and Finance Minister, Professor Biman Prasad, has urged donor nations, investors, and global partners to support the establishment of the Pacific Resilience Facility (PRF). During his address at the Moana Pavilion within the COP 29 Blue Zone in Baku, Azerbaijan, he emphasized that the PRF is designed to be a self-sustaining financial mechanism providing reliable assistance to communities vulnerable to climate change.
Professor Prasad underscored that the initiative is driven by the Pacific region itself, with an emphasis on developing locally tailored financial solutions and fostering innovation in financing. He highlighted that the PRF aims to fill a critical void by specifically targeting the need for financing community-based resilience-building efforts.
The Minister noted that this platform also serves as an opportunity for Pacific leaders to showcase the advancements made in integrating the PRF into the regional support framework while also seeking to connect it to international funding sources. Notably, he mentioned that the PRF has been acknowledged in the COP 28 decision regarding financing for loss and damage, signifying its importance in the global dialogue on climate resilience.
This initiative represents a hopeful step forward for the Pacific region, as it seeks to address pressing climate challenges through localized and strategic financial solutions. The commitment to self-sustenance and innovation may inspire broader international cooperation and support, fostering resilience in communities that are on the frontline of climate impacts.
In summary, the PRF stands as a beacon of hope for strengthening community resilience, paving the way for enhanced international recognition and support in combating the threats posed by climate change.
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