The United States is set to contribute an additional $20 million to aid in the establishment of the Pacific Resilience Facility (PRF). This new funding adds to the already allocated $5 million aimed at enhancing the region’s climate resilience and adaptation efforts.
During a press conference on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the various initiatives where the US is significantly investing to bolster climate resilience in the region. Notable efforts include the initiation of a five-year program to improve access to climate finance, $3.6 million earmarked for strengthening disaster preparedness, and a pledge of $2 million to support climate-smart agriculture projects in collaboration with other partners.
Mr. Campbell affirmed the US’s commitment to supporting the region not only in climate resilience but also in areas such as 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) through four local institutions.
He pointed out that these new projects represent a significant increase from the assistance provided in recent years.
In a separate discussion at the PRF event, Fiji’s Permanent Secretary for Environment, Michael Sivendra, noted that the facility is intended to facilitate easier access to climate finance. He praised the PRF for being the first regionally owned international organization designed to serve as a suitable financial institution for community resilience funding.