THE Pacific region needs to recognise the role of the private sector in mobilising finance to support our regional priorities, most especially in climate change, says Pacific Islands Forum Secretariat secretary-general Dame Meg Taylor.
Dame Taylor made the statement at the 20th Forum Economic Ministers Meeting on financing for Development Solutions at the PIFS in Nasese, Suva yesterday.
She said the global landscape of climate finance in 2015 showed that a total of $US391 billion ($F816b) was mobilised, and of this, private finance accounted for 69 per cent.
“Over the past three years the resilience of our people, our island economies, and our intra-regional partnerships have been brought into sharper focus, as a number of our countries grappled with the disastrous impacts of tropical storms Maysak (2015), Pam (2015) and Winston (2016),” she said.
Dame Taylor said the events highlighted the increasing vulnerability and fragility of the region and the need for climate change and disaster risk considerations to be factored into resilient development in the Pacific States.
“Our development must be sustainable and resilient in light of our inherent vulnerability and susceptibility to adverse economic shocks and climatic events. Your discussions today will center on financing for development solutions for this region,” she said.
Meanwhile, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum said regional co-operation was critical for two reasons.
“One is that it helps us to identify our own specificities, what are the unique features of our own respective countries,” said Mr Sayed-Khaiyum.
“But there are also at the same time many commonalities that we can actually feed upon from each other and be able to learn from each other.”
The Forum Economic Ministers Meeting will consider a range of regional finance options that will support the sustainable development aspirations of the region which are captured in the sustainable development goals and the framework for Pacific regionalism.
Ministers will also look at the current development landscape in the Pacific and assess the viability of a regional finance facility, something they called for following their last meeting in 2015 in the Cook Islands.
Policies to address climate change and disaster related finance will also be two important areas of discussion and decision.
