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). During his remarks at the Moana Pavilion in the Blue Zone of COP 29 held in Baku, Azerbaijan, he emphasized that the PRF is designed to be a self-sustaining financial mechanism that aims to provide ongoing and reliable support for communities vulnerable to the impacts of climate change.
Prof. Prasad highlighted that the PRF is a Pacific-led initiative, tailored specifically for the region’s needs. He stressed the importance of adopting home-grown financial solutions and fostering financial innovation to better address the unique challenges faced by these communities. He pointed out that this initiative aims to bridge a significant funding gap in community-based resilience-building efforts.
Additionally, the Deputy Prime Minister discussed the progress made by Pacific leaders in establishing the PRF within regional frameworks and their efforts to connect it to international funding sources. He noted that the PRF was acknowledged in the COP 28 decision regarding loss and damage finance as a promising model for new funding mechanisms.
This initiative represents a collective determination to enhance resilience in the face of climate adversity, marking a pivotal step for Pacific nations to secure the necessary resources for sustainable development and disaster preparedness. With continued advocacy and global support, the PRF can significantly impact the lives of those most affected by climate change in the region, creating hopeful prospects for vibrant and resilient communities.
In summary, Prof. Prasad’s call for support at the international conference underscores the vital need for collaborative efforts to tackle climate challenges, with the PRF paving the way for innovative financing solutions tailored to the unique needs of Pacific nations.
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