Palau Meeting to Seek Global Pledges for USD 500 Million Pacific Fund
At a high-level meeting in Palau, leaders of the Pacific Islands Forum, an 18-member bloc, will ask governments worldwide to pledge money to the Pacific Resilience Facility, Climate Home News reported.
Capital committed to the facility stands at roughly USD 172 million, according to Climate Home News. Australia supplied the largest share, about USD 67 million. Managers want the total at USD 500 million by the close of the year.
Money raised is earmarked for ocean protection, community resilience work and renewable energy, and the campaign to widen the donor base is timed ahead of COP31, Climate Home News reported.
Lenora Qereqeretabua, Fiji's assistant minister for foreign affairs, said the fund, formally launched in May this year, is designed to "serve communities at a community level", with financing reaching local projects quickly.
Australia and Türkiye will co-lead COP31, per Climate Home News. The summit agenda includes a session devoted to the climate finance needs of small island states, which will seek pledges for the facility.
Source: climatechangenews.com (opens in a new tab)1 sourcePermalink