Prime Minister Voreqe Bainimarama says despite the commitments on climate finance that have been made, only a small proportion of this finance finds its way into supporting climate adaptation or resilience.
While speaking at the Climate Change Summit underway in Paris, Bainimarama says for many donors of climate finance, this is simply regarded as development assistance and for private sector investors, the absence of an immediate and apparent economic return on their investment means that funding climate adaptation or resilience efforts are rarely pursued.
He says for developing and vulnerable countries, there is a false distinction between building climate resilience and preparing to adapt to climate change on the one hand, and investing in more traditional infrastructure for economic development on the other.
Bainimarama says all investments should be evaluated in the light of the new norm of climate disruption. He says this requires careful planning, design and policies to strengthen and climate‑proof the infrastructure the citizens depend on for their livelihoods.
The Prime Minister also says that we need climate adaptation or resilience investments to be properly valued in such a way that investors can gain a competitive, time‑relevant return.
He says Fiji is attempting to lead by example as they have launched ‑ with the support of the Asian Development Bank and Luxembourg ‑ the Pacific Climate Finance and Insurance Incubator, to deliver real investments in the fight against climate change.
Bainimarama also says that Fiji is focused on rebuilding and strengthening our infrastructure in a climate resilient way, with blended finance from institutions like the Green Climate Fund and multilateral development banks to supplement the Fijian Government’s own capital investments.
He says no nation, big or small, can solve this challenge alone - and everyone should commit to the work that lies ahead to protect our One Planet.
