Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, has urged donor partners, investors, and larger nations to contribute to the Pacific Resilience Facility (PRF). Speaking at the Moana Pavilion in the Blue Zone of COP 29 in Baku, Azerbaijan, he emphasized that the PRF is designed to be a self-sustaining financial mechanism aimed at providing reliable and continuous support for communities vulnerable to climate change.
Prof Prasad described the PRF as an initiative that originates from the Pacific, tailored specifically for the Pacific, showcasing a commitment to addressing local challenges through innovative, home-grown financing solutions. He highlighted the urgent need to fill a significant gap in funding for community-based resilience efforts.
This initiative not only embodies the progress made by Pacific leaders in creating and integrating the PRF within regional frameworks but also emphasizes the goal of connecting the PRF to international financial flows. He noted that the PRF received recognition in the COP 28 decision related to loss and damage finance, highlighting its role as a model for new funding mechanisms aimed at addressing the impacts of climate change.
By calling for collaboration on the PRF, Prof Prasad aims to elevate awareness of this vital mechanism on the global stage, paving the way for enhanced financial support for climate-vulnerable communities in the Pacific.
This initiative showcases a hopeful step towards empowering local communities to build resilience against climate change, fostering innovation, and creating a stronger network of support that transcends borders, ultimately contributing to global climate efforts.
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