THE Asian Development has called for faster financing to protect vulnerable island states from rising seas and other worsening impacts.
Speaking at a Pre-COP 31 event in Nadi, Fiji, bank President, Masato Kanda, said the Pacific was among the world’s most vulnerable regions.
“In Tuvalu I saw how rising seas are affecting communities, livelihoods, and coastlines,” said Kanda said.
“Pacific leaders I met with made clear what is needed. Financing must reach vulnerable countries faster and support the practical work of protecting people and their futures.”
Speaking at the Leaders’ Plenary, Kanda said recent adaptation finance flows would meet only 26 per cent of projected annual needs in the Pacific, while governments faced complex requirements to access available funds.
He noted that ADB delivered a record $USD13.5 billion in climate finance last year and is building stronger resilience into every project it finances.
Kanda also highlighted a major regional resilience program ADB has been developing with its 14 Pacific members. The program is due to go before the Green Climate Fund Board later this month for $USD250 million in financing, leveraging ADB projects to deliver $USD1 billion for adaptation.
As part of the Pre-COP31 program, Kanda traveled with other leaders to Tuvalu to see firsthand the threat posed by rising seas and efforts to protect vulnerable shorelines. The visit brought into focus both the climate challenge and the concrete solutions required to build lasting resilience.
To help deliver these solutions, ADB is preparing the Funafuti Climate Adaptation and Disaster Resilience Infrastructure Project, which builds on previous work to expand essential coastal protection in the country.
On the event sidelines, Kanda and Fiji’s Prime Minister, Sitiveni Rabuka, witnessed the signing of a $USD210 million ADB financing package to help Fiji manage economic pressures arising from the conflict in the Middle East and strengthen its resilience.
The financing will help Fiji respond to higher fuel, freight, and other costs while supporting reforms in digital payments, national identification systems, private sector development, and disaster resilience.
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
