In a move to attract carbon investment and unlock climate finance, the Environment and Climate Change Ministry will establish a Carbon Market Unit under the Department of Climate Change.
Minister for Environment and Climate Change Mosese Bulitavu told Parliament the initiative would operationalise carbon market regulations and unlock climate finance.
He said part of the increase of $203,000 would enable the department to pursue these purposes.
“The key components of this increase include $106,000 for the establishment of a Carbon Market Unit (CMU), which will support the operationalisation of carbon market regulations, unlock climate finance, and support emissions reduction projects,” Mr Bulitavu said.
“A further $500,000 is allocated to support implementation of the Climate Change Act 2021. This includes the development of regulations for 13 parts of the Act and the finalisation of Fiji’s National Climate Communications Strategy.
“This allocation will also enable us to mobilise finance, attract carbon investment, and regulate markets with integrity, accountability, and benefit to our people.
Mr Bulitavu said this would consistently align with tax incentives on carbon trading, “whereby income of businesses engaged in carbon trading will be exempted from income tax”.
