Tonga has been selected to host the Pacific Resilience Facility (PRF), a groundbreaking initiative aimed at enhancing climate and disaster preparedness across the Pacific Islands.
The decision was one of the key outcomes from the Forum Economic Ministers Meeting (FEMM), which concluded on Friday. The PRF is a Pacific-led, member-owned financing facility designed to generate investment income for community resilience projects.
Forum Secretary General, Baron Waqa confirmed Tonga’s selection.
“The PRF is very important for us. It’s our design, our own facility.
“We have put forward the outcomes decided by Ministers to be considered at the Leaders Meeting. Tonga will be the domicile country for the PRF.”
Waqa emphasised the significance of the PRF in supporting island nations facing climate challenges.
“This PRF will provide funds that we can easily access. The most vulnerable people in our Pacific Ocean struggle with climate issues. Accessing finance from larger funds like the Green Climate Fund(GC)F is difficult and complex.”
Tonga’s Finance Minister and FEMM Chair, Tiofilusi Tiueti, highlighted the existential threat posed by climate change and disasters to Pacific economies and communities.
“We continue our discussion on the PRF, an important facility. Some work has already been completed, including designing the structure and setting up the facility. We have sought funding of approximately US$112 million so far, with a target of US$500 million, so the meeting look at that and recommendation to go up to the leaders.
“The PRF, a Pacific-led initiative, provides an opportunity to better position the region to leverage timely access to funds to build resilience to climate change and disasters,” he said.
Fiji’s deputy Prime Minister and Finance Minister, Professor Biman Prasad, also stressed the importance of climate finance.
“As Finance Ministers, we know the physical stress caused by past events and the impacts of COVID. It’s crucial for Pacific Ministers to carve an agenda for accessing effective climate finance to address our development problems.”
The PRF has already secured a pledge of US$50.5 million from Saudi Arabia, with additional commitments from Australia, China, and the U.S.
The facility is scheduled to commence operations by 2025.
