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Fiji's decision to list its sovereign green bonds on the London Stock Exchange has been described as an excellent initiative that will give government more access to climate financing.
Asian Development Bank’s director general for the Pacific Regional Department, Carmel Locsin said with increased access to climate financing the government would be able to build more climate resilient and low carbon infrastructure in support of its objective.
Locsin said ADB was very serious about its role in helping to strengthen resilience and inclusion in the region as many of its clients were small island developing states who faced multiple challenges in terms of geographical isolation and natural disasters.
She said the ADB had been working hard to improve access to renewable energy for growth in the Pacific as well as improve connectivity through their work in helping to build roads and bridges.
With major focus on connectivity from the information, communications and technology side, Locsin said the ADB had programmes to improve connectivity in the region with assisting to reduce the cost of internet.
Fiji’s offer to host the ADB’s annual meeting next year is a testament to strong relationship between the two.
ADB deputy director general for the Pacific Regional Department, James Lynch said the 52nd annual meeting of the ADB would give the Pacific region to put a spotlight on their achievements and challenges.
Lynch said other Pacific island countries had a lot to learn from Fiji and in future the ADB planned to partner with Fiji so that the other countries could learn from the cutting edge initiatives that Fiji is part of.
Meanwhile, the Asian Development Bank’s strong presence in the Pacific region shows its commitment to strengthen ties with member countries. ADB’s deputy director general for the Pacific Regional Department, James Lynch said given the remoteness of the Pacific, they had physical presence in all 14 Pacific member countries.
ADB’s director general for the Pacific Regional Department, Carmel Locsin said 58 per cent of their staff members were in the Pacific region with a huge presence in Sydney, Australia — covering Solomon Islands, Vanuatu and Nauru.
Recently the Pacific region had been a victim of tropical cyclones and Locsin said they had mechanisms and instruments to ensure that affected member countries received relief assistance as quick as possible.
She said apart from providing relief assistance they also had programs that focused on helping clients in the Pacific build more climate resilient infrastructure that could withstand the climate risks.
Through their Pacific Disaster Resilience Program, the ADB was able to release funds for relief assistance to Tonga after Tropical Cyclone Gita devastated the island nation.
SOURCE: FIJI TIMES/PACNEWS
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