Fiji has been urged to take decisive steps to access climate financing from the Green Climate Fund (GCF) to support large-scale renewable projects. One key recommendation is to increase the number of accredited agencies capable of presenting these projects to the GCF, thus tapping into the global climate financing pool.
Lyndhurst Group’s chief executive officer, Rokoseru Nabalarua, noted that Fiji currently has only two accredited agencies, including the Fiji Development Bank (FDB). He proposed that the Ministry of Finance could also become an accredited agency.
“There is a significant amount of funds available, and several Pacific island countries have already accessed them,” Nabalarua mentioned during a post-budget forum earlier this week. He highlighted a discussion with Ambassador Amena Yauvoli about channeling renewable projects through this funding mechanism.
By accessing these funds, Fiji could secure both grants and soft loans essential for developing major renewable projects, particularly costly hydro initiatives.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, pointed out that Fiji’s past challenges have included the ability to submit strong proposals.
“As a country, if we can put forth robust proposals, and we are pushing hard within the Asian Development Bank (ADB) and the World Bank. We emphasize that relying solely on soft loans still means borrowing,” Prasad explained.
He expressed hope that significant grant financing would become available, especially for climate-resilient infrastructure and renewable energy development.