Climate change ‘biggest threat to region’s progress’

CLIMATE change poses the greatest threat to our development progress as a region. This was relayed by the AttorneyGeneral and Minister for Economy, Aiyaz Sayed-Khaiyum during a virtual Pacific Islands Meeting with the International Monetary Fund (IMF) Deputy Managing Director, Bo Li, hosted by the IMF’s Asia and Pacific Department recently.

“Aside from the phenomenal destruction and economic loss caused by natural disasters, there are also untold human and social costs that have far-reaching effects on Small Islands Developing States (SIDS),” he said.

“Therefore, to mitigate these socio-economic costs it is imperative that SIDS put in place Disaster Resilience Strategies (DRSs) as blueprints for nationwide mitigation and resilience building.”

“Fiji has extensive experience in preparing comprehensive DRSs and the Fijian Government, in partnership with key development partners, has produced a number of all-encompassing strategies that guide Fiji’s climate mitigation and adaptation efforts,” he added.

These include the Green Growth Framework, the National Adaptation Plan, the Nationally Determined Contribution (NDC) Implementation Roadmap, the National Oceans Policy and the Climate Vulnerability Assessment.

The A-G said the Climate Vulnerability Assessment provides deep insights into the extent of Fiji’s vulnerability to climate events, and the disproportionate impacts that climate change can have on the wealthy and poor.

“According the assessment, an FJ$1 loss in assets due to a disaster causes a drop in national consumption of $1.80, therefore, in terms of well-being, the FJD $500 million in average annual asset losses from tropical cyclones and floods is equivalent to an FJD $900 million drop in annual consumption,” he highlighted.

“This underscores the critical importance of mobilising donor financing towards programs that help SIDS better address the rising toll of climate change, whether through risk-transfer initiatives such as disaster insurance or programs to improve infrastructure resilience through “building back better”.”

“Initiatives such as the proposed Resilience and Sustainability Trust are key platforms for SIDS to secure funding towards building climate resilience and adaptation,” the A-G added.