Shania Shayal Prasad 
To mobilize private and blended climate finance, the Fiji Development Bank is implementing revised strategies and loan products as part of a GGGI-supported initiative.
GGGI Pacific representative from Polynesia, Shomi Kim, says Fiji requires approximately $4.4 billion for climate mitigation and a further $9.9 billion for adaptation to meet its national climate commitments, with less than 40 percent expected to come from public finance.
She adds the role of financial institutions is critical in mobilizing private, blended and sustainable finance.
“Because FDB is uniquely positioned to develop financial products that promote renewable energy, sustainable transport and climate resilience investment while being able to access global climate finance as a credit entity to use that as a risk mitigation mechanism.”
Kim adds that market-driven financial instruments have delivered greater impact than traditional grant-based projects.
Speaking on behalf of FDB chief executive Filimone Waqabaca, Manager Climate and Eco-Finance Setaita Tamanikaiyaroi says the bank is shifting from business-as-usual lending to financing that builds climate and environmental resilience.
The workshop, which is implemented by GGGI, also marks the culmination of a year-long technical assistance programme to position FDB as a national climate finance intermediary.
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