Tonga’s Finance Minister, Tiofilusi Tiueti, has urged Pacific nations and their partners to rally behind the Pacific Resilience Facility (PRF), calling it a “bold step” towards a more resilient and sustainable future for the region.
Speaking at the PRF side event during the Pacific Islands Forum Leaders Meeting in Nuku’alofa on Thursday, Tiueti expressed gratitude for Tonga being selected as the home of the PRF.
“Your decision to confirm Tonga as the domicile for the PRF is a testament to your faith in our ability to lead and manage this vital initiative,” he said.
Tiueti emphasised the urgency of the facility’s mission, given the escalating impacts of climate change.
“Nowhere in the world is the effect of climate change more real than in our Pacific nations,” he stressed.
“Time and speed are of the essence as our communities deal daily with rising seas and other shocks that threaten our very existence.”
The PRF aims to provide predictable and sustainable climate financing to support community resilience across the Pacific.
Tiueti highlighted the uniqueness of the PRF as a Pacific-led, owned, and managed organisation that puts communities at the centre of climate and disaster resilience efforts.
“This is an idea whose time has come. It is a new way of development cooperation based on trust and respect,” he said.
The facility has already received pledges totaling around US$137 million, including US$20 million from the United States and AUD$1 million (US$680,000) from Nauru. However, Tiueti made it clear that much more is needed.
“US$500 million is our initial target, but our goal is US$1.5 billion for a 1.5-degree world,” he said, citing a phrase coined by the Prime Ministers of Cook Islands and Tonga.
Tiueti also called on development partners to capitalise the PRF, mentioning support from the UN Secretary-General for a fundraising event in New York.
“We urge our partners to support the PRF for the sake of our communities that need it most,” he added.
With the PRF expected to make grants by 2026, Tiueti stressed the importance of collaboration and innovation to ensure the facility’s success.
“Together, we can create a Pasifiki that is not only resilient but also prosperous, equitable, and sustainable,” he said