Boosting the flow of climate finance, with an increased proportion going to adaptation in vulnerable countries – is one of the top three priorities of our global action agenda.
The Prime Minister and Conference of Parties 23 (COP23) president Voreqe Bainimarama said this while delivering his intervention during a session on Climate Finance at the 9th Petersberg Dialogue in Berlin Germany on Monday.
He urged the 35 countries, which were represented by Environment Ministers, Climate Ambassadors and Negotiators, to examine Fiji’s experience in mainstreaming financial instruments like Green Bonds and Climate Bonds.
Prime Minister Bainimarama highlighted how Fiji became the first emerging economy to launch a Sovereign Green Bond on the London Stock Exchange.
He also expressed gratitude to Germany for placing the focus on finance at the dialogue especially on the urgent need to replenish the Green Climate Fund.
“Without resolute action from governments, we have no hope of meeting the commitment made in Paris to mobilise $100-billion a year in public and private finance to climate vulnerable nations by 2020.”
Aside from the funding aspect of the climate negotiations, he also had a message for developed countries.
“Developed countries should guide investors and markets by removing unnecessary fossil fuel subsidies, pricing carbon and supporting or implementing as policy the recommendations of Michael Bloomberg’s Task Force on climate-related financial disclosures,” the Fijian Head of Government said.
Fiji received widespread commendation from participating countries for introducing the Talanoa Dialogue concept in the road to implementing the Paris Agreement as it has been adopted in regional and national climate meetings in different parts of the world.