The economic ministers of the Pacific Islands have expressed their support for Tonga’s hosting of a regional funding facility aimed at enhancing community resilience.
During the recent meeting of the Pacific Islands Forum (PIF), leaders approved the establishment of the Pacific Resilience Facility (PRF) to help Pacific Island nations access climate financing for projects focused on disaster preparedness, response, and climate adaptation.
PIF Secretary General Baron Waqa addressed the media after the 2024 Forum Economic Ministers Meeting in Suva, emphasizing, “The Pacific Resilience Facility is our own.” He added, “This PRF will provide funds that we can easily access, particularly for the most vulnerable populations in our Pacific region who are battling climate change challenges.”
Tonga’s Prime Minister Hu’akavameiliku Siaosi Sovaleni, who will chair the PIF moving forward, highlighted the urgent need for substantial financial investments during the fourth Pacific Ocean Pacific Climate Change Conference held in May.
The facility is set to become the first regional financing organization in the Pacific that will be governed and controlled by the Pacific peoples themselves.
Zarak Khan, head of programs at the PIF Secretariat, noted that only $116 million has been committed to the facility so far, significantly short of the $500 million target set for 2026.
Khan stated, “We are currently collaborating with the UN Secretary General’s office, which has kindly agreed to organize a global pledging event for the PRF in New York soon to attract additional pledges and secure more funding.”
Efforts are being intensified to persuade allies, particularly Japan and the United States, to back the initiative. The United Kingdom has also pledged support for establishing the PRF, and discussions are ongoing with other European nations for increased contributions in the future.
In addition to these efforts, several Middle Eastern partners are being approached, with Saudi Arabia already a supporter. The focus now includes the UAE and Qatar.
At the upcoming annual Pacific Islands Forum leaders’ meeting in Tonga later this month, Pacific leaders are anticipated to endorse Tonga as the host of the PRF.