Climate financing a need to address challenges for SMEs

June 17, 2024 4:05 pm

Climate financing for Small and Medium Enterprises is crucial for the survival of the sector.

This was highlighted by the Climate Change Advisor from Business Link Pacific Lili Camacho during a workshop this morning.

Camacho says the aim of this is to introduce financial institutions to climate financing, adaption and mitigations and help them design products that are viable for SMEs longevity.

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She states financial institutions are the bridge between SMEs and finance sector.

“It is really exciting this group is at the fore front of climate finance in the country they will be the ones take part in designing their financial institutions climate finance products that they will be extending to the market.”

Business Assistance Fiji General Manager says that financial institutions also need to understand the various impacts SMEs face.

“Then Business Link Pacific realized that it was important that the financial institutions also need to understand giving financial loans for the climate related projects so it was very important for them to understand that needs of the SMEs and for the SMEs to also understand what is out there from the financial institution’s perspective.”

Chand states that awareness such as this will assist financial institutions better their services.

He says financial institutions must understand these challenges so they can provide sound advice to SMEs in the face of climatic challenges.