Distribution of climate funds need to be rapid: Prasad

February 27, 2024 12:30 pm

Deputy Prime Minister Professor Biman Prasad emphasizes the critical importance of rapid access and efficient distribution of climate funds.

While speaking at the International Monetary Fund Pacific Islands High-Level Conference, Prasad highlighted the significance of pre-positioning finance to address the pressing challenges posed by climate change.

Prof Prasad recounts his discussions with Deputy Managing Director of the IMF Dr Boi Li during a weekend visit to various locations in the Western Division.

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He says they both shared a common assessment of the urgent nature of the climate crisis and the imperative for proactive measures.

The Deputy Prime Minister, who also serves as the Finance Minister states the necessity for climate finance to swiftly reach governments, communities and frontline stakeholders.

He states that the 2–3 year time it takes from design to implementation of climate programs is plainly wrong.

Prasad reiterates that the climate crisis stands as the gravest threat to the security, well-being and stability of Pacific societies and economies.

Emphasizing the Pacific’s lived experience of the climate crisis, the Minister stresses the urgency of coordinated action at the global level.

According to Prasad, they need the IMF to take a leadership role in framing the global financial response to the climate crisis.