The United States is set to contribute an additional $20 million to support the development of the Pacific Resilience Facility (PRF). This new funding comes on top of the $5 million already allocated for the PRF, a financial mechanism aimed at enhancing climate resilience and adaptation in the region.
During a press roundtable held on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized various significant investments intended to bolster the region’s climate resilience. Key initiatives include the launch of a new five-year program to improve access to climate finance, a $3.6 million investment in disaster preparedness, and a commitment of $2 million to foster new climate-smart agriculture projects in collaboration with other partners.
Mr. Campbell affirmed the US’s dedication to supporting the region not only in terms of climate resilience but also in education, technology, connectivity, and efforts to combat illegal fishing. In addition, the US will introduce a $50 million microfinance facility aimed at assisting micro, small, and medium-sized enterprises (MSMEs) throughout four regional institutions.
Mr. Campbell noted that these new efforts represent a significant increase in assistance compared to previous years.
In related developments, Fiji’s Permanent Secretary for Environment, Michael Sivendra, outlined at the PRF talanoa session that the facility aims to simplify access to climate finance. He expressed gratitude for the PRF, recognizing it as the first regionally owned international organization dedicated to community resilience financing, designed as a suitable financial institution for this purpose.