From left to right; Dr. Sivendra Michael, Cate Rogers, Coral Pasisi, Anne Rasmusse, Phonesavanh Latmany, and event moderator Laetitia De Marez. Source: Pasifika TV
Written by Sinivar Kasimani
With negotiations for climate change underway at COP 28, many side events are held for deliberation with Climate Finance as a key topic of discussion.
At the Moana Blue Pacific Pavilion, a panel discussion centred on how to mobilize finance at speed and scale for the Pacific before the first ever global stock take concludes at COP 28.
During the event Coral Pasisi, Director of Climate Change and Sustainability for the Pacific Community (SPC), stated four key areas the Pacific can leverage from the Global Stocktake findings. The context must be tailored for the Pacific; lead negotiators must look much further for development capacity funding; reduction in complexity of the Green Climate Fund (GCF) and prioritising which countries receive funding quickly.
While other Pacific nations are subject to higher levels of loss and damage caused by climate change, Papua New Guinea, being reliant heavily on agriculture, is likely to suffer more from crop loss, and the Climate Finance Access Network (CFAN) is set to change that.
Phonesavanh Latmany, CFAN Advisor to Papua New Guinea, said budgets are needed to support the provision of financial capacity and begin building agriculture mitigation projects in the country.
With the Green Climate Fund complexity, Australia has rejoined and is offering to assist the Pacific. Cate Rogers, Assistant Secretary for Climate Resilience and Finance for the Australian Department of Foreign Affairs and Trade, stressed the importance of building climate finance capability and the need to be flexible.
COP 28 is an opportunity the Pacific for the Pacific to keep the “1.5 (degrees Celsius) to stay alive” target at the forefront of climate change conversations. While ensuring eligibility to access resources, Pacific governments are able to exercise their respective right to welcome pledges of the Loss & Damage Fund or other innovative sources of funding that will be put forward by the Global Stocktake.
