SUNBIZ

Fiji To Maintain Momentum For Climate Action Through World Bank Chairmanship

The Fijian Government has pledged to continue its advocacy for climate action, accessible climate finance and oceans preservation as Fiji assumed the chairmanship of the World Bank’s Small States Forum
15 Oct 2018 10:00
Fiji To Maintain Momentum For Climate Action Through World Bank Chairmanship
From left: Ministry of Economy Permanent Secretary Makereta Konrote, World Bank’s Small States Forum outgoing chair and Prime Minister of Grenada, Keith Mitchell and Ambassador and Permanent Representative of Fiji to the United Nations Satyendra Prasad.

The Fijian Government has pledged to continue its advocacy for climate action, accessible climate finance and oceans preservation as Fiji assumed the chairmanship of the World Bank’s Small States Forum yesterday at the International Monetary Fund and World Bank Annual Group Meetings in Bali, Indonesia.

Fiji will chair the Small States Forum for a term of two years, leading a group of 50 countries, central bank governors and World Bank Group Management and partner organisations from the OECD, Commonwealth Secretariat, UNDP and IMF to address pressing development challenges and opportunities for small states.

The chairmanship was handed over to Fiji by the outgoing chair, Grenada.

Fiji’s major priorities

The Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum outlined Fiji’s major priorities as chair of the Forum.

“It is with a great deal of pride that we assume the chairmanship of the Small States Forum on the back of Fiji’s concerted global campaigns across a broad front to address some of the most serious challenges facing small states all around the world.

“This chairmanship will build on the Fijian Presidency of COP23 and our co-hosting of the UN Conference on Oceans, as we push for better, more tailored mechanisms for accessing concessionary finance to fund critical work to adapt small state economies to the reality of climate change and the degradation of our oceans, while continuing forward with our economic growth and development.

“Simply put, Fiji believes in a World Bank that has a more comprehensive understanding of the difficulties small states face in accessing development finance.

“Because the reality is we do not have the economies of scale enjoyed by larger countries to access finance, and the current rules, procedures and arrangements of the World Bank are built to serve those larger nations, leaving small states in a difficult position.

“This is a burden felt heavily by middle income countries, which currently borrow funds at commercial rates.

“Given the billions of dollars’ worth of damages that climate-related disasters are causing every year, we think that is unreasonable, and we will be working to help these countries access climate finance through grant funding that recognises their extreme vulnerability to climate impacts.”

“Fiji will work closely with our other small states, our development partners and the World Bank to respond with greater agility and flexibility to open up flows for finance that can assist small states to climate proof economies before a disaster strikes, rather than in the aftermath.

“We’ll also be exploring regional approaches to foster private investments and innovation, because we believe many small states have the potential to become incubators for new technologies and development strategies that boost resilience and continue to drive development, even in the face of our changing climate.

“All with one end game in mind: a future where families – wherever they may be in the world – can live in peace and security in communities that are equipped to withstand the worsening climate impacts we’re seeing year after year.

“That level of flexibility must exist across all of the World Bank’s assistance programmes.

When small states see potential in a technology or a new approach to sustainable development, they should be able to access the relevant expertise and support they need to seize those opportunities.

“I would also thank the Prime Minister of Grenada, Hon Keith Mitchell, for providing excellent leadership over the last two years in his role as chair.

“We in Fiji pledge to carry forward Grenada’s excellent work in the focusing our attention on the use of new technologies to overcome development challenges and create climate smart small state economies.”

As Fiji’s Governor, the Attorney-General will also Chair the joint IMF and the World Bank Board of Governors meeting at the Annual Meetings in Washington DC in October 2019.

 

Feedback: maraia.vula@fijisun.com.fj

Subscribe-to-Newspaper