Home / Environment / Pacific Islands Seek Climate Aid: $15M Pledged, $500M Goal
Pacific Islands Seek Climate Aid: $15M Pledged, $500M Goal
7 Oct
Summary
- Nations pledged $15 million for Pacific climate resilience projects.
- The Pacific Resilience Facility aims for $500 million by COP31.
- Pledges currently total just under $200 million towards the goal.
Nations like Fiji and Ireland committed approximately $15 million to support climate resilience and adaptation projects for Pacific islands. This contribution brings the total pledges for the Pacific Resilience Facility (PRF) to just under $200 million, falling considerably short of its $500 million target expected after COP31 in November.
The PRF, owned by island governments, aims to eventually secure $1.5 billion. Pledges from Fiji, Ireland, the Netherlands, and Denmark were announced, adding to existing contributions from Pacific island governments, New Zealand, and Australia. Prime Minister Anthony Albanese of Australia emphasized the immediate need for investment to mitigate future remediation costs.
Representatives from 30 countries visited Tuvalu to witness firsthand the impact of rising sea levels. The PRF employs a "small grants at scale" model, having recently funded projects like mangrove restoration in Palau and aquifer restoration in the Federated States of Micronesia. The facility plans to attract private investors and issue bonds in the future.
