Fiji has been selected as one of five pioneer countries that will trial the new approach to access to climate finance based on the Taskforce on Access to Climate Finance Principles and Recommendations.
The United Kingdom has committed £100 million to the Task Force on Access to Climate Finance.
As part of Fiji and the United Kingdom's co-charing of the Taskforce on Access to Climate Finance, Attorney-General Aiyaz Sayed-Khaiyum joined the Taskforce's official launch of its Principles and Recommendations.
The Taskforce on Access to Climate Finance was launched by the COP26 Presidency in March this year with the aim of improving developing countries’ access to climate finance to pursue ambitious mitigation and adaptation action and establish clean growth pathways.
Attorney-General Aiyaz Sayed-Khaiyum highlighted that Small Island Developing States receive less than 2% of global climate finance flows and that 74% of global climate finance are in the form of loans.
Sayed-Khaiyum says limited access to expensive climate finance worsened climate vulnerability amongst developing countries.
Sayed-Khaiyum stressed the need for programmatic financing that is country driven and easily accessed.
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