Pacific leaves empty handed from COP31 “pledging event” for new fund
Detailed summary
Australia’s much-anticipated session to help Pacific nations lift off a new regional fund went by without a single new cent pledged, despite it being a key moment to achieve its…
Australia’s much-anticipated session to help Pacific nations lift off a new regional fund went by without a single new cent pledged, despite it being a key moment to achieve its target of $500 million promised by the end of the year.
In only a year since its adoption, the island states have operationalised the Pacific Resilience Facility (PRF) - a regional fund that disburses small grants directly to local communities. The fund has approved 14 projects so far, including on water security, coastal restoration, renewable energy and community resilience.
The fund was launched in May seeking to enhance the region’s access to international finance, as large climate funds tend to have red tape which is hard for small governments, like those in the Pacific, to overcome. Palau’s president Surangel Whipps Jr said at the event that the PRF “bridges the gap in global finance”.
Australia’s much-anticipated session to help Pacific nations lift off a new regional fund went by without a single new cent pledged, despite it being a key moment to achieve its target of $500 million promised by the end of the year.
In only a year since its adoption, the island states have operationalised the Pacific Resilience Facility (PRF) - a regional fund that disburses small grants directly to local communities. The fund has approved 14 projects so far, including on water security, coastal restoration, renewable energy and community resilience.
The fund was launched in May seeking to enhance the region’s access to international finance, as large climate funds tend to have red tape which is hard for small governments, like those in the Pacific, to overcome. Palau’s president Surangel Whipps Jr said at the event that the PRF “bridges the gap in global finance”.
Yet at the pledging session - where developed countries were expected to ramp up their pledges to close the gap on the $500-million target - none of the participating countries announced new money. The Minderoo Foundation announced $5 million.
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