FIJI has raised the issue of the challenge Pacific Island States face as most of climate finance was channeled towards mitigation rather than adaptation.
The Attorney- General, Minister for Economy and Minister responsible for Climate Change, Hon. Aiyaz Sayed-Khaiyum spoke in the 2nd session of the Climate Action Pacific Partnership (CAPP) Conference being held at the Grand Pacific Hotel in Suva which was ‘Innovative Climate Financing – Lessons from the Frontline’ where he raised.
The A–G said the Pacific is more focused on ‘adaptation’ however most funds go to ‘mitigation’ and that the task now is to attract more finance from the private sector towards the adaptation space.
He highlighted how the ‘Drua Incubator’ was being used to bring about a scalable finance and insurance product for the Pacific region to be able to make it available to the Pacific Island countries.
The A-G also used Green Bonds as an innovative and attractive way to bring in the private sector.
Furthermore, he spoke on financing projects in developing countries that pose numerous unique challenges specific to the region.