Attorney General Graham Leung (left), with DPM Biman Prasad [Source: Fiji Government/ Facebook]

Fiji’s National Carbon Market Strategy roadmap was launched by Attorney General Graham Leung at COP29 in Baku, Azerbaijan.

This marks a significant milestone for Fiji’s crucial recognition in international market-based cooperation and supports local efforts to reduce emissions and transition away from fossil fuels.

However, Fiji’s Nationally Determined Contribution Implementation (NDCI) roadmap estimates the costs for decarbonizing the energy sector at $6.5 billion from 2017 to 2030.

Leung says the guidance provided by the strategy roadmap will help inform Fiji’s Climate Change Act of 2021, which includes provisions aimed at regulating carbon markets.

“This is primarily for the purpose of protecting the rights of Fiji’s indigenous landowners as well as ensuring that government has oversight, noting the range of actors that have been seeking to engage directly with communities on the ground. Climate Change Act of 2001, that deal with carbon market will be enforced after the regulations have been developed and finalised by the Attorney General’s chambers and the lawyers that are responsible for legal drafting.”

He says robust regulatory framework for carbon markets is necessary considering potential risks involved for communities and private sector entities.

“Fiji sees this roadmap as an ideal opportunity to put forward principles and conditions that could potentially help to attract and secure financing agreements purposed to deliver additional verified emission reductions as well as bring about additionally in the form of co-benefits that will help protect Fijian livelihoods and advance our country’s development priorities.”

Australia’s Director Climate Change & Carbon Janet Hallows says it is essential for carbon markets to be underpinned by strong governance.

“Protecting the rights of local communities and resource owners is critical, and I think Part 10 of the Fiji Climate Change Act provides a robust legal framework and foundation for carbon market activities in the country. So the National Carbon Market Strategy Roadmap builds on this foundation by outlining key carbon market options, assessing the associated risks and opportunities, and identifying priority actions to guide further policy development and capacity building, and that’s really critical”

Meanwhile, Fiji’s active participation in global carbon markets will need to be effective, transparent, and equitable.