The United States has announced an additional funding pool of $20 million aimed at bolstering the Pacific Resilience Facility (PRF), supplementing the $5 million previously allocated to assist the region in enhancing its climate resilience and adaptation efforts.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell underscored multiple areas where the US is significantly investing to improve climate resilience across the region. This includes the initiation of a new five-year program aimed at expanding access to climate finance, an allocation of $3.6 million to enhance disaster preparedness, and a commitment of $2 million to back new climate-smart agriculture projects in collaboration with other partners.
Campbell emphasized the US’s long-term commitment to supporting the region, extending beyond climate resilience to include sectors such as education, technology, connectivity, and the fight against illegal fishing.
Moreover, the US plans to establish a $50 million microfinance facility to facilitate funding for micro, small, and medium-sized enterprises (MSMEs) through four institutions in the area. Campbell pointed out that these new initiatives signify a significant increase in assistance compared to what was provided in recent years.
In related discussions, Fiji’s Permanent Secretary for Environment, Michael Sivendra, acknowledged the PRF as a pioneering regionally owned international organization, designed to improve access to climate finance and serve as a suitable financial institution for community resilience funding.