The United States is set to allocate an additional $20 million to support the Pacific Resilience Facility (PRF), building on the $5 million previously contributed. This financing initiative aims to bolster climate resilience and adaptation in the Pacific region.
During a press briefing on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the significant investments the US is making to enhance climate resilience in the region. Key initiatives include the launch of a new five-year program to improve access to climate finance, a $3.6 million investment to enhance disaster preparedness, and a $2 million commitment to support climate-smart agriculture initiatives in collaboration with partners.
Campbell reaffirmed the US’s long-term commitment to the region, extending beyond climate resilience to encompass education, technology, connectivity, and the fight against illegal fishing. Additionally, the US plans to introduce a $50 million microfinance facility aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across four regional institutions.
He noted that these new initiatives represent a significant increase in assistance compared to previous years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, highlighted at a recent PRF gathering that the facility aims to streamline access to climate finance. He praised the PRF as a pioneering regionally owned international organization specifically designed for community resilience financing.