Tonga to host new climate adaptation facility for Pacific region

Tonga has been selected to host the Pacific Resilience Facility (PRF), a groundbreaking initiative to build climate and disaster resilience across the Pacific Islands.

The decision was one of the key outcomes of the Forum Economic Ministers’ Meeting (FEMM), which concluded on Friday. The PRF is a Pacific-led, member-owned financing facility that aims to generate investment returns for community resilience projects.

Forum Secretary General Baron Waqa confirmed Tonga’s selection.

“PRF is very important to us. It’s our design and our own facility.

“We have submitted the outcome of the ministers’ decision to the leaders’ meeting for consideration. Tonga will become a resident country of the PRF.”

Waqa stressed the importance of the PRF in supporting island nations in addressing climate challenges.

“This PRF will provide funding that we can easily access. The most vulnerable people in the Pacific are struggling with climate issues. Accessing funding from large funds like the Green Climate Fund (GC)F is difficult and complex.”

Tonga’s Finance Minister and FEMM Chairperson Tiofilusi Tiueti highlighted the existential threat posed by climate change and disasters to Pacific economies and communities.

“We continue to discuss the PRF, which is an important facility. Some work has been done, including designing the structure and building the facility. So far, we have sought about $112 million in funding, with a goal of $500 million, so the meeting will look at that and make recommendations to leaders.

“The Pacific Fund is a Pacific-led initiative that provides an opportunity for the region to better leverage timely access to finance to build resilience to climate change and disasters,” he said.

Fiji’s Deputy Prime Minister and Minister of Finance Professor Biman Prasad also stressed the importance of climate finance.

“As finance ministers, we know that past events and the impacts of COVID-19 have put people under tremendous pressure. Pacific ministers must set the agenda to get effective climate finance to address our development issues.”

PRF has received a $50.5 million commitment from Saudi Arabia, with additional commitments from Australia, China and the United States

The facility is scheduled to begin operations in 2025.

Source: PACNEWS