Page 30 - IB October 2021

Cover Cover

Red Cross relief efforts in Fiji following Tropical Cyclone Harold

Continued from page 13 rated the chances of securing the money before November at
“six out of 10”.
carbon emissions by 2050. The Act goes further, providing a UN Secretary General António Guterres has also called on
legal framework for a carbon-neutral and climate-resilient Fiji developed countries to live up to their promises on funding
by committing us to the 100 percent sustainable management adaptation.
of Fiji’s ocean and climate mitigation and adaptation through “Developing countries received only US$16.8 billion dollars
nature-based solutions,” said Prime Minister Bainimarama. in 2018, compared to adaptation costs of some US$70 billion.
“No nation is too small to make a difference; not Fiji, “Developed countries and multilateral development banks
not any other Small Island Developing State, not Australia, must urgently increase the share dedicated to adaptation to
New Zealand, nor, certainly, any of the major industrialised 50 per cent of climate finance and provide credible support in
nations. We all have to commit to the target of net-zero emis- building resilience to climate impacts,” Guterres stated.
sions by 2050 at the absolute latest. Preferably, much sooner,” Meanwhile Papua New Guinea Prime Minister James Marape
he said. said the US$100 billion annual commitment by developed
countries to developing nations on climate financing must be
Climate finance considered different from the official development assistance.
One of the key challenges for Pacific Island nations in “As a natural gas and oil exporter, Papua New Guinea is
implementing their NDCs will be access to climate finance. working towards ensuring our carbon footprint is minimised by
Consequently, demands that targets for climate finance be implementing our Sustainable Development Goal 13 Roadmap
met, and that this finance be made more accessible for devel- 2020-2030 on climate change launched last year.”
oping countries is a key ask at COP26. They also want a new Fiji’s Bainimarama said: “US$750 billion annually beyond
financial settlement that would greatly increase the funds 2025 is a realistic starting point,” and that the SIDS [Small
available after 2025. Islands Developing States] share of climate finance must be in-
In 2009, wealthy nations pledged that by 2020, US$100 creased to at least 10% of the total funds, “not a measly 2%”.
billion a year would be available to help nations cope with There has been some progress despite the shortfall.
rising temperatures, rising sea levels and the other impacts of United States President Joe Biden now says the U.S. would
climate change. significantly increase its international climate finance to ap-
However, they are still well-short of that target. The OECD proximately US$11.4 billion a year.
has reported that only about $80 billion was provided last The International Monetary Fund is developing a facility
year. worth up to US$50 billion to boost climate resilience in debt-
COP26 host, United Kingdom Prime Minister Boris Johnson burdened poor and vulnerable nations.
has warned that “history will judge” the world’s richest na- And Cook Islands Prime Minister, Mark Brown, has welcomed
tions if they fail to deliver on their climate finance pledge. He New Zealand’s recent announcement of US$920 million in

30 Islands Business, October 2021