Sustainable finance must be provided on the basis of climate vulnerability says Prime Minister Voreqe Bainimarama.

Speaking at the High Level Meeting to Review the Progress in the Addressing the Priorities of Small Island Developing States, Bainimarama says Hurricane Dorian in the Bahamas and TC Winston in Fiji have made it clear that the devastation of climatic disasters demands direct financial assistance.

This, he says will enable rebuilding efforts that strengthen climate resilience which are financed by an innovative blend of private and public sector capital.

Speaking as Chair of the Pacific SIDS, Bainimarama says institutions such as the World Bank and the Asian Development Bank should place the implementation of the SDG’s over immediate investment returns.

“Concessional finance and even zero interest loan, or loans that are linked to sustainable finance must all be on the table – as well as broadening debt-for-nature swaps to include debt-for-sustainable development or debt-for-climate swap.”

Bainimarama told the World Leaders, Fiji has already listed the first sovereign Green Bond by an emerging market and are planning for a Blue Bond and a Shipping Bond.

Additionally, he says Fiji has worked with the Green Climate Fund to leverage ADB support for a large climate-resilient water infrastructure project in Suva.

But he says this is still not enough.

“We need developed country governments to rethink the way they provide assistance to developing countries to include the provision of loan or risk guarantees as a means of encouraging private sector investment. We need more blended finance.”

The Prime Minister adding, if there is one place the UN system can undoubtedly make a difference, it is in helping fund small states to carry out the work to be done.