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 climate action finance has been a longstanding topic of discussion, with numerous reports, analyses, and regional strategies 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 substantial evidence on the required investment magnitude, the global New Collective Quantified Goal (NCQG) still fell short.
Pacific nations want to push the conversation on climate finance beyond just access to investment that delivers lasting resilience for Pacific people and communities.
Author's summary: Pacific nations seek a climate finance paradigm shift.