Deputy Prime Minister and Minister of Finance Professor Biman Prasad

COP29 must ensure that Fiji and other Small Island Developing States can access climate funds without overlooking their vulnerabilities.

During a panel discussion on Nature-Based Solutions for Climate Resilience, Deputy Prime Minister and Minister of Finance Professor Biman Prasad made this point, highlighting the urgent need for climate finance in SIDS, citing the Antigua and Barbuda Agenda.

He says that Green Climate Funds and similar programs remain difficult and restrictive for Small Pacific Island states.

“Climate finance reached USD $115.9 billion in 2022. However, SIDS had access to only US $1.5 billion out of the USD $100 billion in 2019, and the UNFCCC estimates that nearly $6 trillion is needed for developing countries’ climate action plans by 2030.”

Prasad adds that over 40% of these nations are either on the brink of or already struggling with unsustainable debt levels.

Pacific Island Forum Secretary-General Baron Waqa says they remain committed to partnering with larger nations to secure funding for mitigation and adaptation efforts, despite ongoing neglect over the years.

“It won’t solve the whole problem, but at least we can have, like, you know, partnership in, say, resourcing our PRF, the Pacific Resilience Facilities, for which we are working extremely hard at this COP as well to try and resource and get funding from the bigger countries/emitters.”

Tongan Prime Minister, Siaosi Sovaleni, expressed frustration, noting that some island countries are staying away from COP29 in protest over the lack of action in previous COPs.

“So some of them are saying, you know what’s the point of saying, but at the same time, as I alluded to in my statement yesterday, if we are not here, then our voices won’t be heard, and that many other people may actually drive the agenda and not address our priorities, our needs, and the difficulties that we are facing.”

Despite this, Pacific leaders and representatives at COP29 remain optimistic that a meaningful solution and a concrete agreement on climate finance will be reached at this year’s conference.