Deputy Prime Minister and Minister for Finance, Professor Biman Prasad has urged donor partners, investors, and larger nations to support the Pacific Resilience Facility (PRF). Speaking at the Moana Pavilion during COP 29 in Baku, Azerbaijan, Prof. Prasad emphasized that the PRF is a self-sustaining financial mechanism designed to provide consistent support to climate-vulnerable communities facing the increasing dangers of climate change.
He described the PRF as an initiative driven by Pacific nations themselves, aimed at addressing regional challenges with innovative, locally relevant financing solutions. Prof. Prasad highlighted the initiative’s significant role in filling a critical gap in funding dedicated to community-based resilience-building efforts.
The Deputy Prime Minister also took the opportunity to showcase the strides made by Pacific leaders in establishing the PRF as part of the regional framework and integrating it with international financing avenues. He noted that the PRF gained recognition in the COP 28 discussions concerning loss and damage finance, representing a forward-thinking approach to tackle the adverse effects of climate change globally.
This collective call for support marks a pivotal moment for Pacific nations in their quest for sustainable financial mechanisms that not only enhance community resilience but also promote regional collaboration and innovation in the face of climate challenges.
Through the PRF, there’s hope for a robust framework that could inspire other regions similarly affected by climate change, ultimately contributing to a collaborative global effort in combating climate vulnerability.
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