The United States has announced an additional contribution of $20 million to support the Pacific Resilience Facility (PRF), building on the $5 million it has already allocated to this financing initiative aimed at enhancing climate resilience and adaptation in the region.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the significant investments the US is making to bolster the region’s climate resilience. Key areas of focus include the introduction of a new five-year program designed to improve access to climate finance, a $3.6 million investment to enhance disaster preparedness, and a commitment to allocate $2 million for climate-smart agriculture initiatives in collaboration with other partners.
Mr. Campbell affirmed the US’s long-term commitment to the region, not only regarding climate resilience but also in areas such as education, technology, connectivity, and the fight against illegal fishing. Additionally, the US plans to establish a $50 million microfinance facility to support micro, small, and medium-sized enterprises (MSMEs) across four institutions in the area.
He remarked that these new initiatives represent a significant increase in assistance compared to previous years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, noted during a PRF session that the facility aims to streamline access to climate finance. He praised the PRF as the first regionally owned international organization dedicated to providing suitable financial solutions for community resilience efforts.