News

Talks on Pacific Resilience Facility gains momentum at COP 29

November 14, 2024 6:14 am

Commonwealth Secretary-General Patricia Scotland called on Commonwealth countries to unite and use their collective voice to demand that climate finance promises be kept to prevent human suffering.

At an event to highlight the upcoming launch of the Pacific Resilience Facility (PRF), the Secretary-General stated that Commonwealth member states would continue to support the region in its fight against the ravages of climate change.

Deputy Prime Minister and Minister for Finance Professor Biman Prasad welcomed the productive discussions regarding the Pacific Resilience Facility, which was set to be based in Tonga.

Article continues after advertisement

Professor Prasad said that foreign economic ministers would meet in 2025 to finalize the legal mechanisms

“This is the facility created by the Pacific for the Pacific. If we want to localize finance at the community level, then this facility is going to be an innovation and a key for doing that”

The PRF was due to launch in 2025 and is intended to help communities become more resilient to climate change and natural disasters.

Professor Prasad mentioned that they wanted to set it up by the next year with all the legal requirements.

He hoped that all the pledges and the target for the first phase of $500 million would be achieved.

He added that they hope to start disbursing the funds at the localized level in 2026.