Source: UNFCCC

Prime Minister Voreqe Bainimarama says he hopes the outcomes of COP 26 will include a process and structure for mobilising finance for loss and damage.

Bainimarama says this so that nations can be compensated for what has been lost and what will be lost in the future.

He made these comments during a bilateral meeting with the United Nations Secretary General, António Guterres in Scotland.

The draft text released overnight does not have a clear definition to address loss and damage.

Negotiators from over 200 nations are now working with the draft to strike deals before the summit concludes on Friday.

For the first time in the history of COP, the draft is calling on countries to phase out coal and fossil fuel subsidies, which will put pressure on nations such as Australia.

However, Bainimarama says while the draft is welcomed, there is still work to do, adding the draft text does not reflect the position of Alliance of Small Island States (AOSIS) or Pacific Small Island Developing States (PSIDS).

The PM once again reiterates the need to improve access to affordable climate finance and wants the $500 billion to be mobilised between 2020 and 2025.

Fiji has also asked to commence a path towards a post 2025 financing framework proposing 750 billion per year, of which 10 percent of this funding is to be set aside for Small Island Developing States (SIDS) and a further 10 percent is dedicated to blue, ocean-based finance.

With Fiji leading the charge on Oceans, the country will also be launching its first Blue Bond next July.

The PM has also thanked the UN for supporting Fiji and particularly towards the COVID-19 response and access to vaccines through the COVAX facility.

He says Fiji and the UN have a great relationship which has brought about good outcomes.