By Tusi Tala, Staff Writer
Tonga has secured the support of Pacific economic ministers to be the host of the regional community resilience financing facility.
The Pacific Islands Forum (PIF) leaders have approved the establishment of the Pacific Resilience Facility (PRF) to facilitate easier access to climate financing for climate adaptation, disaster preparedness, and early disaster response projects in Pacific Island nations.
Following the 2024 Forum Economic Ministers Meeting in Suva, PIF Secretary-General Baron Waqa stated that the Pacific Resilience Facility is a regional initiative aimed at providing accessible funds for the most vulnerable communities in the Pacific Ocean facing climate change challenges.
During the fourth Pacific Ocean Pacific Climate Change Conference in May, Tonga’s Prime Minister and incoming PIF chair, Hu’akavameiliku Siaosi Sovaleni emphasized the urgent need for significant financial investments to progress.
The PRF will be the first regional financial institution in the Pacific that is owned and led by Pacific nations.
Zarak Khan, the Director of PIF Secretariat Programs and Initiatives, mentioned that pledges totaling US$116 million have been made to the facility, falling short of the US$500 million target by 2026. Efforts are being made to secure additional pledges and funding through a global pledging event in New York, organized by the UN Secretary-General’s office.
A coordinated effort is underway to engage partners, particularly aiming to persuade countries like Japan and the United States to contribute. European nations such as France, Germany, and the United Kingdom have already shown support, with potential for larger pledges in the future to capitalize the PRF.
Partners in the Middle East, including Saudi Arabia, are also involved, with discussions ongoing with countries like Qatar and the UAE.
Pacific leaders are anticipated to officially endorse Tonga as the host of the PRF at their upcoming annual Pacific Islands Forum leaders meeting in Tonga.
