Tonga has the backing of Pacific economic ministers to host the regional community resilience financing facility.
The Pacific Resilience Facility (PRF) was endorsed by the Pacific Islands Forum (PIF) leaders to make it easier for Pacific Island nations to access climate financing for climate adaptation, disaster preparedness and early disaster response projects.
“The Pacific Resilience Facility is our own,” PIF secretary general Baron Waqa told media following the 2024 Forum Economic Ministers Meeting held in Suva.
“PRF will provide funds that we can easily access when I say we, [I mean the] most vulnerable people in the world, in our Pacific Ocean, that struggle with climate change issues,” he said.
At the fourth Pacific Ocean Pacific Climate Change Conference in May, Tongan Prime Minister and the incoming PIF chair, Hu’akavameiliku Siaosi Sovaleni, said “we must urgently secure unprecedented levels of financial investments to move ahead”.
The Fund will be the first Pacific-owned and led regional financial institution for the Pacific.
PIF Secretariat programmes and Initiatives director, Zarak Khan, said a total of US$116 million has been pledged to the facility, well short of the US$500m target by 2026.
“We are currently working actually with the UN Secretary General’s office, who has kindly agreed to convene a global pledging event for the PRF in the near future in New York, to ensure that we can get additional pledges and mobilise more funding,” Khan said.
He said a united effort is underway to try and pursue partners to jump on board with “a very strong approach to try and convince Japan and the United States.”
The Forum is also looking at European countries including France, Germany and even the United Kingdom, who has come on board with a contribution towards setting up the PRF.
“We’re looking at a hopefully a much larger pledge from them in the future to capitalise the PRF,” Khan said.
“There’s a number of other partners in the Middle East as well, Saudi Arabia has already come on board. We’re looking at Qatar, the UAE.”
Pacific leaders are expected to endorse Tonga as the PRF host at the end of the month at their annual Pacific Islands Forum leaders meeting in Tonga.