First ever Pacific climate fund

The Pacific region will, for the first time, have its very own financial fund set up to support its member countries, facing the threat of climate change.

This follows the signing of the first ever Pacific Resilience Facility Treaty [PRFT] on Wednesday, in Honiara, Solomon Islands, as part of the 54th Pacific Islands Forum leaders meeting.

Papua New Guinea Prime Minister James Marape was among 15 forum members who signed the treaty, with two out of the eight member requirements presenting their instruments of ratification.

The fund is expected to come into operation in 2026, and will require a capital fund of 500 million US dollars or about 2-billion-kina, to be based in Tonga.

PIF Secretary General Baron Waqa commended and pledged the secretariat’s support towards this inaugural climate fund set up, including seeking partner support.

PIF Chair and Solomon Islands Prime Minister Jeremiah Manele says the pacific resilience facility is a response by the Pacific, for the Pacific.

Tongan Prime Minister Aisake Eke urged his colleague leaders to call on their partners to convert verbal commitments to actual funding to reach the target set.

The 55th PIF meeting in Palau is expected to see the launch of the first goal for the fund’s pilot project proposals.