Solutions to climate financing highlighted

February 28, 2024 12:49 pm

[File Photo]

International Monetary Fund Deputy General Manager Dr Bo Li emphasizes the necessity for cohesive action among countries and international partners to overcome obstacles related to climate financing in the Pacific region.

Speaking at a press conference held after the IMF High-Level discussions in Nadi, Dr Li stated the significance of robust collaboration in tackling the pressing issues surrounding access to climate financing.

Reflecting on the discussions, Li highlights the engagement and agreement among participants regarding the formidable challenge of climate finance faced by countries in the Pacific.

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“As I said, that requires policy reform, requires to establish a policy and regulatory environment that can help scale up climate finance. And that also requires the capacity of duty. For example, how to incorporate climate into the budgeting process. How to incorporate climate into public financial management.”

Minister for Finance, Biman Prasad, notes that despite the two-day conference, there were no instances of violent disagreements on several issues pertaining to climate finance.

Prasad expresses his belief that the face-to-face presentation of the issues has fostered a better understanding among stakeholders.

He says they are also satisfied that these critical discussions transpired with key stakeholders in the arena.

“Whether it’s an existential threat to some of the Pacific Island countries, whether it is to do with the frequency of extreme climate events resulting in massive losses to the economy in terms of our GDP. I think the problem is understood very well. The challenges are understood very well.”

The dialogue at the IMF conference brought into focus the imperative for concerted efforts to address the unique challenges encountered by Pacific nations regarding climate financing.

The Pacific region, vulnerable to the adverse effects of climate change, requires substantial financial support to mitigate risks, adapt to changing environmental conditions, and foster sustainable development.