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Addressing climate change and enhancing disaster risk financing are not just moral imperatives but economic necessities.

This has been highlighted by Permanent Secretary for Ministry of Finance, Shiri Gounder, at the Global Shield against Climate Risks Workshop.

Gounder says by investing in resilience today, we can safeguard our communities, protect the economies, and ensure a sustainable future for generations to come.

[Source: Ministry of Finance/ Facebook]

He emphasized the severe and disproportionate impacts of climate change on small island developing states like Fiji.

Gounder says the resources available to Fiji to tackle these challenges are limited, with low tax revenues and numerous competing development priorities, but despite this, the government has made significant strides in disaster risk financing, leveraging various partnerships to bolster its disaster response toolkit.

The Permanent Secretary says that further support is needed, particularly in the areas of multi-year disaster risk financing, cash transfers for vulnerable social welfare recipients, and the establishment of contingency funds.

The Permanent Secretary further emphasized the importance of recognizing country-specific vulnerabilities and urged constructive discussions during the workshop to strengthen the climate and disaster risk finance and insurance ecosystem.