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PM calls for support from developed countries

May 8, 2018 7:12 pm

Prime Minister and COP23 President, Voreqe Bainimarama, has urged all developed countries to support developing countries especially those with no real financial means to gain immediate access to climate finance.

Speaking at the Long-Term Climate Finance workshop in Bonn, Germany, Bainimarama said developed countries must look at increasing the pool of climate financing with urgency.

Developed countries have put forward a roadmap to raise one hundred billion dollars annually for climate-related projects.

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“We need to mainstream financial instruments like Green Bonds and Climate Bonds, mobilize the use of concessional finance, sovereign guarantees and risk transfer products and draws on the trillions of dollars in pension funds – which are looking for new ways to invest as they cut fossil fuel investment from their portfolio.”

Fiji is the first emerging economy in the world to launch the sovereign green bond dedicated to investments and climate mitigation and adaptation projects at the London Stock Exchange.

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