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Bainimarama speaks on climate funding

ALISI VUCAGO
Wednesday, December 13, 2017

Update: 7:11PM DESPITE the various commitments on climate finance made at COP 23, only a small proportion of this finance finds its way into supporting climate adaptation or resilience.

Prime Minister Voreqe Bainimarama made this statement while speaking at the High Level Segment Sequence 1: Amplifying financing towards adaptation and resilience in Paris, France today. 

"The data on this is clear. For many donors, this is simply regarded as development assistance. And for private sector investors, the absence of an immediate and apparent economic return on their investment means that funding climate adaptation or resilience efforts are rarely pursued," he said.

"The Leaders on this panel are fully aware of the need to make substantial investments in our infrastructure to protect against the danger of climate change."

Mr Bainimarama said Fiji was focused on rebuilding and strengthening our infrastructure in a climate resilient way, with blended finance from institutions like the Green Climate Fund and multilateral development banks to supplement the Fijian Government's own capital investments.

"And we are developing insurance products for the Pacific region which are currently not available for climate-related events, which could be replicated beyond the region," he said.

More on this story in tomorrow's edition of The Fiji Times.








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