Fiji needs $6.35b for NDC
6 July, 2019, 8:50 am
FIJI will need an investment of $US2.97 billion ($F6.35b) to meet the National Determined Contribution (NDC) target of 30 per cent carbon emission reduction by 2030, says Minister for Infrastructure, Transport, Disaster Management and Meteorological Services Jone Usamate.
While speaking at the 2019 Blue Green Energy Symposium in Nadi yesterday, he said funding was one of the biggest challenges that government would face when meeting their NDCs.
“No one can deny the fact that our transition to blue-green economy will require significant upfront investment,” he said.
“According to the study commissioned by the United Nations Environment, the critical mass of annual investment necessary to support transition to a green economy during the 2010-2050 period represents approximately 2 per cent of the global GDP.
“These funding requirements for environmentally sustainable investments significantly exceed what the public sector can offer, requiring systematic involvement from the private sources of financing.
“Considering our local context, to implement our National Determined Contribution (NDC) target of 30 per cent carbon emission reduction by 2030 will require an investment of $US2.97b.
“Government cannot invest on this alone.”
He said innovative financial mechanisms and facilities that were easily accessible needed to be put in place.
“Climate financing is one of the ‘buzz’ words that has been talked about in lots of international, regional and national meetings and conferences.”