PUSHING for grant-based finance will be part of the Pacific’s negotiation talks at the upcoming pre-COP31 Summit in Nadi.
During a briefing with regional media this week, Minister for Environment and Climate Change Lynda Tabuya said concerns had been raised about the current system adopted by multilateral development banks.
“Instead of increasing the pie, we look at making current financing more accessible,” she said.
“We are especially concerned about how perhaps multilateral development banks and DBs (development banks) are still going along the lines of having concessional loans or looking at those types of facilities. The Pacific, we are pushing for grant-based finance.”
She said the region also needed sustainability.
“We are working with the United States that is also pushing for loans-based types of finance.
“But we appeal to our developed countries to continue to provide this grant-based finance because really at the end of the day for us as small island developing states, the investment is really in public goods that may not necessarily have the returns.
“But it is an investment in our communities and our people.
“That’s more the focus and that if we look at our communities who are being affected by the effects of climate change, as well as the need for recognition from developed countries, whether it’s the commitment to reducing greenhouse gases or whether it’s the commitment to help us in terms of loss and damage, which is where we are really at right now.
“We need that support and we need more grant-based finance so that we can help our communities sooner.”
