Prime Minister Voreqe Bainimarama has asked all developed countries to support developing countries gain immediate access to climate finance, especially those with no real financial means.
He made the remarks at the opening of workshop on Long-term Climate Finance at the World Conference Centre Bonn, Bonn, Germany yesterday.
“Excellencies, distinguished delegates, you have extremely important work to do over the next two days here in Bonn. And I ask you to put at the forefront of your minds the needs of the billions of people around the world who look to us to provide solutions to the biggest threat humanity has ever faced,” he said.
He said as well as coping with the burdens of the ever-increasing impacts of climate change, nations the world over face the additional burden of allocating or raising finance for mitigation and adaptation.
“Improving access to that finance is at the heart of the global responsibility to confront the climate challenge, and to enable developing countries to increase ambition in our Nationally Determined Contributions, so that we can meet the goals of the Paris Agreement.”
Mr Bainimarama said the affluent nations of the world, in particular, “bear a heavy responsibility to ensure that smaller and less affluent nations, who are bearing the brunt of the impacts of climate change, do not suffer unnecessarily from events beyond their control.”
He said they must as a matter of urgency increase the pool of finance available for mitigation and adaptation and ensure that it actually flowed.
“This includes ensuring that conditions exist for private sector investment to flow in a way that allows rapid transformation of our countries in line with our NDCs. “Because all around us is evidence that the threat to the peoples and economies of vulnerable nations is increasing year by year.”
Developed countries, he said, had put forward a roadmap to raise $100 billion of finance a year for climate-related projects in developing nations. He said they must achieve this target and must be achieved by 2020 at the latest.
To do this, he said, they must tap the expertise of the private sector to develop new and innovative means through which increased and sustained finance can flow into areas of need. “We need to mainstream financial instruments like green bonds and climate bonds, mobilise the use of concessional finance, sovereign guarantees and risk transfer products and draw on the trillions of dollars in pension funds, which are looking for new ways to invest as they cut fossil fuel investments from their portfolios.”
In the case of Fiji, he said they had already taken action to mobilise finance for their own mitigation and adaptation efforts, through a number of innovative measures, which were beneficial to investors and beneficial to the people on the front line of the climate threat.
He said he was privileged last month to be present at the London Stock Exchange as they celebrated the launch of Fiji’s sovereign Green Bond dedicated to investments in climate mitigation and adaption projects. “This makes Fiji the first emerging economy in the world to launch such an instrument.”
He said Fiji might be the first emerging economy in the world to launch such a bond, but he was confident they would not be the last.
Mr Bainimarama urged other nations to examine the Fijian model as a viable way in which they too could gain access to finance for the projects they need to build their resilience in the face of the climate threat.
Edited By Mohammed Zulfikar
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