The United States is set to contribute an additional $20 million to assist in the development of the Pacific Resilience Facility (PRF). This announcement follows the initial funding of $5 million already allocated to the PRF, which aims to enhance climate resilience and adaptation in the region.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized various critical areas where the US is directing significant investments to bolster the region’s climate resilience. Key initiatives include launching a new five-year program to improve access to climate finance, allocating $3.6 million to enhance disaster preparedness, and committing $2 million to support new climate-smart agriculture initiatives in collaboration with other partners.
Campbell affirmed the US’s long-term commitment to assisting the region not just in climate resilience, but also in advancing education, technology, connectivity, and efforts to combat illegal fishing. Additionally, the US plans to introduce a $50 million microfinance facility aimed at benefiting micro, small, and medium-sized enterprises (MSMEs) across four institutions within the region.
Highlighting the significance of these new initiatives, Campbell remarked that they represent a substantial increase in assistance compared to previous years.
In related developments, Fiji’s Permanent Secretary for Environment, Michael Sivendra, addressed participants at the PRF talanoa session, stating that the facility was established to streamline access to climate finance. He praised the PRF as the first regionally owned international organization tailored to provide proper financing for community resilience efforts.