Climate finance must be delivered on scale and with urgency, because we no longer have time as Pacific Islands are facing an existential crisis, and the world must act now or risk losing entire nations.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad highlighted this at the High-Level Regional Consultation on Financing for Development in Asia and the Pacific at the United Nations conference centre in Bangkok.
Prof. Prasad called for urgent reform in global development assistance, debt sustainability, and climate finance to address the crippling impacts of climate change and economic vulnerability in small island nations.
He says at no time, outside of war, have economies faced contractions of 30 to 70 percent due to a single cyclone, emphasising the extreme challenges that Pacific nations continue to face.
The Deputy Prime Minister says in preparation for the Fourth International Conference on Financing for Development (F4D), outlining the urgent need for a shift in international policy, urging that development aid be better tailored to the specific needs of vulnerable countries.
He says we must stop creating systems that bypass local governments and instead deliver aid that empowers nations to lead their own development.
Prof. Prasad also called on wealthy nations to meet their long-standing commitments, including the 0.7 percent GDP target for Overseas Development Assistance (ODA) by 2030, and pushed for more efficient climate finance.
He is calling for a more equitable approach to global financial systems, one that recognises the unique challenges of small island states.
The Deputy Prime Minister adds the Pacific cannot afford to wait any longer, urging the international community to act decisively to safeguard the future of these vulnerable nations.
