Fiji raises issue on climate finance
July 27, 2018 12:44 am
Fiji has raised the issue of the challenge Pacific Island States face as most of climate finance was channeled towards mitigation rather than adaptation.
While speaking at the 2nd session of the Climate Action Pacific Partnership Conference, Attorney General and Minister responsible for Climate Change Aiyaz
Sayed-Khaiyum says the Pacific is more focused on adaptation, however most funds go to mitigation.
Sayed-Khaiyum says the task now is to attract more finance from the private sector towards the adaptation space.
He says the “Drua Incubator” was being used to bring about a scalable finance and the insurance product for the Pacific region to be able to make it available to Pacific Island countries.
Sayed-Khaiyum also used Green Bonds as an innovative and attractive way to bring in the private sector.
The Attorney General also spoke on financing projects in developing countries that pose numerous unique challenges specific to the region.