As the United Nations (UN) Climate Conference (COP 27) in Sharm el-Sheikh, Egypt, progresses into its final week, Fiji is at the forefront of the negotiations to mobilise support for local communities and families who are affected by the adverse impacts of the climate crisis in Fiji.
The head of the Fijian delegation at COP27, Fiji’s Permanent Representative to the United Nations, Ambassador Satyendra Prasad, today spoke at the “Blue Economy Financing Models for the Pacific Island Countries” at the COP27 side event collaboratively organised by the Fijian Government and Monash University.
In his remarks, Ambassador Prasad said as a large ocean state, blue finance is not only central to Fiji, but a key player in economic recovery and the pandemic recovery.
He said Fiji has partnered with the Monash University recently to establish a Monash- FNU Pacific Island Countries Climate Change Research Centre, known as PACT (Pacific Actions for Climate Transition) – A Monash FNU Climate Change Centre- which will be launched next year, will assist the policymakers and development partners in Fiji, to device solutions for climate change from the business and economic perspectives.
Ambassador Prasad said the initiative affirms the government-academia partnership to advance result-oriented solutions that have solidarity at the heart of it.
He highlighted that Fiji’s Sustainable Bond Framework launched last week at COP27, will clearly articulate the blue economy projects and criteria with potential investors while ensuring consistency and transparency of projects, be it in the blue, green or even social space.
One such initiative includes the Pacific Blue Shipping Partnership, which aims to reduce shipping emissions in line with International Maritime Organization’s (IMO) targets and enhance shipping safety in the region.
Initiatives outlined included Fiji’s NDC (Nationally Determined Contributions) investment plans, sector-based climate proposals, Fiji’s E-Bus initiative, nature-based solutions, adaptation-mitigation and marine proposals that have secured funding opportunities and are ready to be further scaled up.
Ambassador Prasad spoke on Fiji’s national climate finance strategy and the Green Climate Fund (GCF) proposals- which require easier and faster access to climate finance and preparatory support to bring these initiatives to fruition.
He called for long-term visions, protection and conservation to be at the core of financing investments to deliver a sustainable future and that the Pacific’s Blue economy ambitions require capital investors who are focused more on the impact rather than returns.
Fiji’s initiatives such as upcoming blue bonds, and regional partnerships for smart investments with the support of the development partners, were also discussed at the event.
In conclusion, Ambassador Prasad reminded the delegates at COP 27 that a Blue Economy is a global economy- all our seas connect to one ocean, and the motto is clear — we are one and our fight is one- to maintain the health of our oceans and to invest in us in order to maintain the lifeblood and the blue lungs of our planet.
