Access to fast climate financing critical: PM
September 19, 2021 4:40 pm
Prime Minister, Voreqe Bainimarama says it is still possible to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
Bainimarama says this can be achieved only if governments, businesses and people worldwide commit to unprecedented change and act on those commitments.
“We have a three-headed challenge before us – serious mitigation worldwide to reduce carbon emissions and restore the health of the global ocean; adaptation to the effects of climate change that we are already seeing and that is affecting our infrastructure, our food supply and our health; and financing.”
Bainimarama says small vulnerable states will not be able to achieve some of the challenges without adequate financing.
He adds there is a need to develop financing that is fast, flexible and concessionary.
“The most vulnerable among us, especially including small island developing states, must know that developed countries will fulfil the commitments they have made, starting with the goal of mobilising US$100 Billion annually through to 2025, and that they will significantly increase financing for adaptation to at least 50%.”
Bainimarama highlights the Commonwealth Climate Finance Access Hub is a step in the right direction because small and vulnerable member states bid for and gain increased access to climate finance.