Unlocking Climate Finance: Fiji’s Aggressive Strategy

With the 29th Climate Change Conference of the Parties (COP 29) in Azerbaijan in November being focused on climate finance, Fiji plans to adopt a highly proactive stance to ensure the accessibility of these funds.

Deputy Prime Minister and Finance Minister Professor Biman Prasad noted that while global climate finance issues remain straightforward, they pose significant concerns for many small island developing states.

“The global commitment regarding the amount of climate finance has yet to be met. We are now discussing the loss and damage fund,” Prof Prasad stated at a post-budget forum in Suva last week.

“COP 29 will be centered on climate finance, and we will take a very aggressive and considered approach to ensure we can access these funds.”

Prof Prasad highlighted that the Ministry of Environment is determined to secure climate finance actively.

“We will work diligently on drawing up strong proposals to access climate financing,” he said.

“We are pushing these efforts hard within the Asian Development Bank (ADB) and the World Bank. We are emphatic about our inability as a country to rely solely on soft loans, as they still constitute borrowings.”

“There is significant potential if we approach this correctly. By organizing effectively, we can access substantial grant financing, especially for infrastructure.”

Discussing the increasing severity and frequency of weather patterns and rising temperatures, Prof Prasad pointed out that these climate changes are adversely affecting agriculture, infrastructure, and housing.

“There is a strong case for countries like Fiji and others in the Pacific to secure grant financing, and we are committed to achieving this,” he emphasized.

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