Fiji is gearing up for a proactive stance at the 29th climate change Conference of the Parties (COP 29) in Azerbaijan this November, focusing on securing climate finance. Deputy Prime Minister and Finance Minister, Professor Biman Prasad, emphasized the significance of ensuring that funds are accessible, particularly for small island developing states.
While discussing climate finance at a post-budget forum in Suva, Prof Prasad acknowledged the global commitment towards climate finance has not yet been fully met, highlighting the ongoing discussions about the loss and damage fund.
“At COP29, which will focus on climate finance, we will adopt a very aggressive and considered approach to secure these necessary funds,” said Prof Prasad. He highlighted that the Ministry of Environment is particularly determined to obtain climate finance, working diligently to develop robust proposals.
The strategy involves pressing international financial institutions like the Asian Development Bank and the World Bank to understand the limitations small countries face with relying solely on loans, even at concessional rates.
Prof Prasad sees significant potential in securing grant financing for infrastructure, given the increasing frequency and intensity of extreme weather events, rising temperatures, and their impact on agriculture, infrastructure, and housing.
“There is a compelling case for countries like Fiji and others in the Pacific to access grant financing, and we are actively working toward that goal,” he asserted.