Forum Chair and Tonga’s Prime Minister Hu’akavameiliku Siaosi Sovaleni has called for global backing of the Pacific Resilience Facility (PRF) at the Pacific Resilience Facility(PRF) side event during the 79th United Nations General Assembly.
The PRF aims to raise US$500 million by the end of 2025 to support Pacific communities facing the escalating impacts of climate change.
“The PRF is a Pacific solution to a global challenge,” Sovaleni said. “It’s a Pacific-led and community-centred regional resilience financing facility, tailored to meet our specific needs.”
Sovaleni framed the PRF as a direct response to the complexities of the global financial system, which he described as struggling to deliver equitable access to climate finance for vulnerable Pacific communities.
He urged the international community to recogniSe the facility’s potential to drive transformative change in one of the regions most impacted by climate change.
“Our theme from the recent Pacific Islands Forum Leaders meeting, ‘Transformative Resilient Pasifiki: Build Better Now,’ highlights the need to move beyond talk to transformative actions,” Sovaleni stressed. “The Pacific Resilience Facility is our bold action in that direction.”
The PRF aims to support resilience-building projects across the Pacific, particularly in Small Island Developing States, where the effects of climate change are devastating. The facility, Sovaleni explained, would provide grant investments to help vulnerable communities build resilience against climate risks, with oversight from Pacific Finance Ministers.
“We cannot wait for the world to address the root causes of climate change,” he said. “As resilient Pacific people, we know the risks of delayed action. That’s why we are standing up the Pacific Resilience Facility now.”
The PRF’s first milestone is to raise US$250 million by January 2025, with US$111 million still required to meet that goal. The facility is expected to be operational by 2026, with a long-term goal of securing US$1.5 billion to confront the severe consequences of a warming world.
Sovaleni acknowledged the pledges already made by international partners including Australia, Saudi Arabia, Turkey, and the United States, alongside financial support from the United Kingdom and China. He also commended Nauru, a member of the Forum, for its own financial pledge to the PRF.
“Our thanks go to all our partners who have shown their commitment to this Pacific-led initiative,” Sovaleni said.
“We especially thank UN Secretary-General António Guterres for his continued support in mobilizing international resources for the PRF.”
Sovaleni reiterated that the Pacific Islands Forum was working toward a Global Pledging Conference for the PRF in 2025, with ongoing consultations on technical and legal arrangements expected to be finalised by early next year.
“We are raising the global visibility of the PRF at key events, including the upcoming COP29 in Azerbaijan, to ensure that the Pacific story is heard.
“We look forward to working with all our partners to ensure the success of the Pacific Resilience Facility,” Sovaleni said.
