Pacific Climate Finance: A Need for Change
Pacific nations are seeking to shift the focus of climate finance discussions beyond mere access to investments, aiming for lasting resilience for their people and communities.
The challenge of Pacific governments accessing sufficient finance for climate action has been a longstanding concern, with numerous reports, analyses, and regional strategies addressing the issue over the past decade.
However, concentrating solely on 'access' may overlook the deeper systemic barriers hindering the Pacific's ability to achieve climate-resilient development.
The 2024 United Nations Climate Change Conference, COP29, emphasized finance, with Pacific nations and other Small Island Developing States pushing for a new financing goal.
Despite robust evidence on the required investment magnitude, the global New Collective Quantified Goal (NQCG) remained insufficient.
Pacific nations want to push the conversation on climate finance beyond just access to investment that delivers lasting resilience for Pacific people and communities.
Additionally, the 2024 COP was dubbed the 'finance COP', highlighting the importance of climate finance.
In summary: Pacific nations seek a new approach to climate finance.