Climate finance: How Fiji can finance climate action
The rise in sea level to more intense weather patterns over the years has posed serious financial threats for climate impacted countries like Fiji.
However, with the implementation of the National Climate Finance Strategy, it laid out an economy-wide blueprint for how Fiji can build a net-zero, climate-resilient economy and ensure a secure future for climate impacted communities. This Strategy makes Fiji stand out.
As part of its ongoing partnership with the Fijian Climate Change and International Cooperation Division (CCICD), World Resources Institute’s Finance Centre helped develop a National Climate Finance Strategy for Fiji.
The strategy identifies projects best suited to protect the country’s at-risk communities.
CCICD MAKES A DIFFERENCE
Head of Climate Change and International Cooperation Division (CCICD) under the Ministry of Economy, Kushaal Raj, said the division had, over the past four years, managed to achieve positive longterm changes.
“The first one is on an oceans policy or oceans negotiation within the Paris Agreement. This took us years to develop,” Mr Raj said.
“It’s not easy to mainstream oceans or marine policies within climate change for a government but we managed to centralise that within the Ministry of Finance to not only budget our demarcation of the activities but to plan better.”
The second was on the Climate Act or legislation.
“It’s a very innovative Act globally, very unique because it works and it’s an Act that delivers and establishes a climate emergency,” he said.
Third in line was the National Climate Finance Strategy, which was developed at all climate-related activities in Fiji.
“It looked at priorities and at 12 key sectors in the highly emitting sectors in Fiji, and tapping into investment pipelines that included agriculture, blue economy, health, relocation, governance, transport, water, sanitation, you name it,” he said.
“These 24 project ideas cost over U.S.$2 million (FJ$4.4 million), which are implemented to build future resilience against climate change.”
He shared this during a WRI webinar on Fiji’s scope on how developing governments can finance climate action.
FUNDING PROJECTS
Climate Change division manager Prashant Chandra applauded the assistance of the Green Climate Fund (GCF) for the continued supviding
port in certain projects.
“GCF has shown very good examples and we have already worked on five projects that were quite a success,” Mr Chandra said.
“To name a few, we had the Fiji urban water supply and wastewater management project and just last week, we completed the groundbreaking of water quality project.”
The Division is also working alongside rural electrification to which four per cent of Fiji’s population is yet to be sourced with electricity.
“The other 96 per cent have shifted to renewable energy. So, the Fiji rural electrification would like to go to these communities and provide them a solution through it, so we have really bought in solar panels.”
He also that they were developing a methodology to help accelerate the value of recycling space.
“It’s not about profits, it’s about climate responsibility.”
Implementations on electric vehicles are also underway.
“It is one of our key points towards getting accreditation to move to a more e-mobility space and that is to help us accelerate our private sector in the bus industry to take the benefits of renewable energy.”
WALKING TOWARDS A COMMON GOAL
A common challenge for many small island developing states is finding resources to enhance both resilience and recovering from climate induced losses and damage.
This itself requires intensive talks with people on the ground and other stakeholders for better planning resources to meet goals.
Fiji’s National Climate Finance Strategy and Advisory Support, Caitlin Smith, said it was crucial to maximise the efficiency of time and the longevity of the strategy and its impacts.
“We try to recognise that there has already been a lot of thought and consultation around what Fiji needs to do to tell a compelling message for every single sector and climate resilience economy targets,” Ms Smith said. .
“We pulled out 24 concept notes or projects that are the kind of closest to vulnerability or facilities that either need more data or need a little more data and attention to begin to make tangible changes.”
She said the goal was to have a document that could integrate climate change into a lot of subsequent conversations about how to help Fiji right now. Edited by Naisa Koroi