THE Asian Development Bank (ADB) will invest $1.5 million to assist Fiji’s Presidency of the 23rd Conference of the Parties (COP23) to the United Nations Framework Convention on Climate Change (UNFCCC) and join the Government of Fiji’s COP23 Advisory Panel.
“ADB’s support for Fiji’s Presidency of COP23 comes as ADB is doubling the total financing we provide for climate change to $6 billion by 2020,” said Stephen Groff, ADB’s Vice President for East Asia, South East Asia, and the Pacific.
“ADB was also very pleased to have assisted Fiji in mobilising $31 million in grant financing from the Green Climate Fund (GCF) to improve water supply in Suva. This was among the very first round of proposals agreed by GCF.”
The ADB contribution was warmly welcomed by the Honourable Aiyaz Sayed-Khaiyum, Attorney General and Minister for Economy and Minister responsible for Climate Change.
“As our Honourable Prime Minister and incoming COP23 President, Frank Bainimarama, has highlighted, COP23 will be critical to keep up the momentum for decisive action to reduce carbon emissions and arrest the current state of global warming. Fiji is pleased to extend an invitation to the ADB President to join the Advisory Panel for COP23, and appreciates ADB’s valuable technical advice,” he said.
ADB’s support to Fiji’s COP23 Presidency will include technical advice worth at least $0.5 million to assist the Pacific country become a global leader on green transport issues and explore options to expand insurance coverage for households, farmers, and businesses to cover potential losses from natural disasters.
Recognising that small island developing countries are the most at risk from climate change, ADB will, through the COP23 Presidency Trust Fund, also provide $1 million in grants to the Fijian government to ensure Pacific island countries have a strong voice in the lead up to COP23.
ADB Governors yesterday formally approved Fiji to host the ADB’s 52nd Annual Meeting. This will be the first time that ADB will hold its Annual Meeting in any Pacific Island Country.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive and environmentally sustainable economic growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership. It is owned by 67 members—48 from the Asia-Pacific region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in co-financing.