Climate Change

Fiji leads blue economy financing discussions

November 16, 2022 9:10 am

[Source: Fijian Government / Facebook]

Fiji is at the forefront of the UN Climate Change Summit negotiations to mobilize support for local communities and families who are affected by the adverse impacts of the climate crisis in Fiji.

The head of the Fijian delegation at COP27, Fiji’s Permanent Representative to the United Nations, Ambassador Satyendra Prasad, spoke at the “Blue Economy Financing Models for the Pacific Island Countries” at the COP27 side event in Egypt organized by the Fijian Government and Monash University.

According to a government post, in his remarks, Ambassador Prasad said that as a large ocean state, blue finance is not only central to Fiji but a key player in economic recovery and pandemic recovery.

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He stated that Fiji has recently partnered with Monash University to establish a Monash-FNU Pacific Island Countries Climate Change Research Centre, which will be launched next year and will assist Fiji’s policymakers and development partners in developing business and economic solutions to climate change.

He highlighted that Fiji’s Sustainable Bond Framework, launched last week at COP27, will clearly articulate the blue economy projects and criteria with potential investors while ensuring consistency and transparency of projects, be they in the blue, green, or even social space.

Prasad spoke on Fiji’s national climate finance strategy and the Green Climate Fund (GCF) proposals, which require easier and faster access to climate finance and preparatory support to bring these initiatives to fruition.

He says long-term visions, protection, and conservation must be at the heart of financing investments to deliver a sustainable future, and the Pacific’s Blue Economy ambitions necessitate capital investors who are more concerned with impact than returns.

Fiji’s initiatives, such as its upcoming blue bonds and regional partnerships for smart investments with the support of the development partners, were also discussed at the event.