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Pacific Climate Fund Gains $15 Million, Still Below Target
Pacific island nations face dangers from rising seas and changing weather.
They say it can be hard to get money from global climate funds.
The Pacific Resilience Facility collects money to help pay for local projects that make communities safer.
Fiji, Ireland, the Netherlands and Denmark announced about $15 million in new pledges.
That brings the fund to just under $200 million.
It wants to reach $500 million after COP31 in November, and eventually $1.5 billion.
The fund has already supported 14 projects.
These include restoring a farm in Palau and an old water source in Micronesia.
Leaders say more contributions are needed.
Fiji, Ireland, the Netherlands and Denmark pledged about $15 million to the Pacific Resilience Facility.
The new pledges brought the fund's total to slightly under $200 million, according to its chief executive.
The facility aims to hold $500 million after COP31 in November and ultimately seeks $1.5 billion.
About half of the current funding has come from Pacific island governments, New Zealand and Australia.
The fund has supported 14 projects, including mangrove and taro-farm restoration in Palau and aquifer restoration in Micronesia.
- Who
- The Pacific Resilience Facility, supported by Pacific island governments and donors including Fiji, Ireland, the Netherlands and Denmark.
- What
- Donors pledged about $15 million to the facility, bringing its total to slightly under $200 million.
- Where
- The pledges were announced at a pre-COP climate conference in Nadi, Fiji.
- When
- The pledges were announced on Wednesday, October 7; the facility's interim target is set for after COP31 in November.
- Why
- The fund finances climate resilience and adaptation projects in Pacific islands facing rising seas and volatile weather.
Key facts
- New pledges
- About $15 million from Fiji, Ireland, the Netherlands and Denmark
- Current fund total
- Slightly under $200 million
- Interim target
- $500 million after COP31
- Long-term target
- $1.5 billion
- Projects funded
- 14, according to PRF CEO Finau Soqo
- First two projects
- Restoration of a mangrove-fringed taro farm in Palau and a World War II-era aquifer in the Federated States of Micronesia
- Funding sources
- Roughly half of the current total has come from Pacific island governments, New Zealand and Australia
Quotes
Anthony Albanese
Prime minister of Australia
“More is needed now. Every investment now will make a difference and mean less cost of remediation tomorrow and in the future.”
theprint.in
“This is the moment to invest. Your investment buys us time.”
theprint.in
Lynda Tabuya
Fiji's climate minister
“This will be our take to COP31, and we hope our global leaders will come on board to support us.”
theprint.in
Sources
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