ADB to double climate funding for Pacific


tailevu-studentThe Asian Development Bank (ADB) expects to more than double the level of climate financing it will mobilize for its Pacific island member countries to over $USD500 million over the next three years.*

ADB Vice-President, Stephen Groff made the announcement at the signing of a water and sanitation project with the Fijian Government and the Green Climate Fund (GCF).

Groff signed an agreement for ADB to provide a $USD42 million loan as part of the first phase of the project to improve water supply throughout Suva.

Attorney General and Minister Responsible for Climate Change Sayed-Khaiyum says access to financing for such projects, which consider adaptation and the effects of climate change, is a key objective for Fiji’s Presidency of COP23.

Prime Minister Voreqe Bainimarama says as incoming President of COP23, one of his objectives is to create better access to finance for projects like this, not only for Fiji but for other vulnerable countries in the region and the world.

He adds this is a critical issue, particularly as we are now facing more and more extreme effects of climate change.