Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, has urged donor nations, investors, and international partners to support the Pacific Resilience Facility (PRF). Addressing attendees at the Moana Pavilion within the COP 29 Blue Zone in Baku, Azerbaijan, Prof. Prasad emphasized that the PRF aims to be a self-sustaining financial mechanism designed to provide consistent and reliable support to communities vulnerable to the impacts of climate change.
He highlighted that the PRF is a Pacific-led initiative tailored to the unique needs of the region. This initiative is focused on developing innovative, locally-sourced financing solutions and demonstrates the Pacific’s commitment to self-determination in addressing climate challenges.
Prof. Prasad pointed out that the PRF addresses a significant gap in funding for community-based resilience efforts, showcasing the strides made by Pacific leaders to integrate the PRF into the regional framework and connect it with global financial resources. Notably, the PRF received acknowledgment in the COP 28 discussions on loss and damage finance as a pioneering solution for financial support.
With this initiative gaining traction on the international stage, Prof. Prasad expressed optimism that the awareness and understanding of the PRF will grow, leading to increased contributions from global partners.
This initiative not only fills an essential void for financial backing in vulnerable communities but also signals a hopeful shift towards more sustainable and self-reliant climate solutions in the Pacific. By engaging in such partnerships, there is potential for greater resilience in the face of climate challenges, ultimately benefiting both regional communities and contributing to global climate efforts.
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