Australia’s much-anticipated session to help Pacific nations lift off a new regional fund went by without a single new cent pledged, despite it being a key moment to achieve its target of $500 million promised by the end of the year.
In only a year since its adoption, the island states have operationalised the Pacific Resilience Facility (PRF) – a regional fund that disburses small grants directly to local communities. The fund has approved 14 projects so far, including on water security, coastal restoration, renewable energy and community resilience.
The fund was launched in May seeking to enhance the region’s access to international finance, as large climate funds tend to have red tape which is hard for small governments, like those in the Pacific, to overcome. Palau’s president Surangel Whipps Jr said at the event that the PRF “bridges the gap in global finance”.
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Australia’s much-anticipated session to help Pacific nations lift off a new regional fund went by without a single new cent pledged, despite it being a key moment to achieve its target of $500 million promised by the end of the year.
In only a year since its adoption, the island states have operationalised the Pacific Resilience Facility (PRF) – a regional fund that disburses small grants directly to local communities. The fund has approved 14 projects so far, including on water security, coastal restoration, renewable energy and community resilience.
The fund was launched in May seeking to enhance the region’s access to international finance, as large climate funds tend to have red tape which is hard for small governments, like those in the Pacific, to overcome. Palau’s president Surangel Whipps Jr said at the event that the PRF “bridges the gap in global finance”.
Yet at the pledging session – where developed countries were expected to ramp up their pledges to close the gap on the $500-million target – none of the participating countries announced new money. The Minderoo Foundation announced $5 million.
The Netherlands ($1m), the UK (£10m or $13m), Canada (CAD$7.5m or US$5m) and Ireland (€5.6m or $6.2m) all announced pledges they had already publicly announced before, leaving the total amount in the PRF pot at over $200 million – a gap of about $300m in this year’s target.
Fiji’s minister of Foreign Affairs Sakiasi Ditoka told Climate Home News after the event that he is still hopeful that developed countries will announce new funds by the end of COP31, either by getting commitments from new nations or ramping up commitments from existing donors.
“I believe that we have pulled on some heartstrings and that maybe helps them make their decision, maybe increasing their contributions if they’ve already given,” he said. “Even if not, we will press on ahead.”
The largest donors to the fund are Australia (US$67m) and Saudi Arabia (US$50m). Speaking at the event, Australia Prime Minister Anthony Albanese said “the PRF matters because it connects global finance with local action” and urged other nations to join.
Other developing countries have pledged to the fund, including Taiwan ($3m) and China ($1m). Some Pacific islands have pledged funds themselves, including Fiji ($10m) and Solomon Islands ($1m).
“We are putting our own skin in the game. We are investing in our own future,” said Whipps Jr during the pledging session.
