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Media Center > Speeches > HON. PM BAINIMARAMA AT THE COP24 EVENT: “ADAPTATION FUND CONTRIBUTOR DIALOGUE AND REFLECTIONS FROM D

HON. PM BAINIMARAMA AT THE COP24 EVENT: “ADAPTATION FUND CONTRIBUTOR DIALOGUE AND REFLECTIONS FROM DEVELOPING COUNTRIES”

12/12/2018
Ladies and Gentlemen,

Access to adaptation finance is a critical priority for climate vulnerable nations everywhere. And I want to again add Fiji’s voice to the call to urgently scale up that access and give this issue a greater focus.

While the fund has been successful in harnessing innovative means to mobilise climate finance and has successfully undertaken a range of projects in vulnerable countries such as Fiji, I think we can all agree that we need to summon the political will to do a lot more than we have, given the escalating nature of the climate threat. And I very much hope we can see a clear move in that direction here at COP24.

As COP23 President, Fiji was pleased to oversee the historic decision that the Adaptation Fund “shall” serve the Paris Agreement. But we need more ambition to make climate finance available to meet the goals of the Agreement, just as we need more ambition in our Nationally Determined Contributions to meet the 1.5 degree warming target. And the world must make it a particular priority to free up the finance needed by the climate vulnerable to boost adaptation and resilience measures under their NDCs.

In common with many other nations, Fiji is having to adjust to a frightening new era of extreme weather events, rising seas and changes to agriculture that threaten every sector of our economy and are putting our development at great risk.

Last year, we were fortunate that the Adaptation Fund Board approved a project in Fiji for adaptation and resilience building in informal urban settlements along riverbanks and coastal land. These settlements - without the protection of our stronger building codes - are especially vulnerable. More than 4.2 million US dollars was allocated for the project with UN-Habitat and I know I speak for the affected communities in warmly thanking the Fund and all those committed to the success of this project.

But friends, we must all come to the collective realisation that many more projects like this remain to be funded, not just in Fiji, but all around the world. And as I said in Bonn back in May, we must as a matter of urgency increase the pool of finance available for this purpose and ensure that it actually flows to those communities in need.

We must also ensure that public finance leverages private finance for adaptation and that the conditions exist for private sector investment to flow in a way that allows rapid transformation of our countries in line with our NDCs. Because all around us is evidence that the threat to the peoples and economies of vulnerable nations is increasing year by year.

Thank you.
 
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