This concern was highlighted by the Deputy Prime Minister and Minister for Finance Professor Biman Prasad, saying Fiji’s exposure to extreme weather, rising seas and environmental impacts threatens its economy and communities, requiring immediate and innovative financial solutions.
Prof. Prasad highlights the Environment and Climate Adaptation Levy introduced in 2017, which funds climate adaptation efforts and directs 3% of its proceeds to relocating vulnerable communities.
He says Fiji’s leadership in climate finance as the first small island nation to issue a green bond and launch a successful blue bond.
However, he says Fiji needs $1 to $2 billion annually to meet its climate goals, far beyond current capacity. He says the Asian Development Bank warns that without action, the economic toll could be severe.
Prof. Prasad calls for scaling up public-private partnerships, leveraging global markets and obtaining grant-based support for small island nations. He says Fiji’s response must be unified and transformative, aiming to serve as a model for global climate resilience.
