Climate Change Finance Micronesia workshop builds public-private sector collaboration

Yaren, Nauru, 12 November, 2020 – Stronger public-private collaboration and better understanding of how global climate change financing works are key takeaways from a sub-regional private sector workshop on climate change finance.

The workshop, co-hosted by the Government of Nauru, Nauru Chamber of Commerce and the Pacific Islands Forum, was held on 11 – 12 November and involved over 70 participants from government and the private sector across the Micronesian countries (Nauru, Marshall Islands, Federated States of Micronesia, Kiribati and Palau).

For meeting Chair, Nauru’s Director of Commerce and Business Development, Mr. Creiden Fritz, the workshop has begun a frank dialogue between the public and private sectors. This could also lead to further opportunities to strengthen access to climate change finance through effective public private partnerships. The workshop aligns to Forum Economic Ministerial decisions recognising the importance of engaging the private sector in climate change and disaster risk finance.

In her opening remarks, Nauru’s Secretary for Commerce, Industry and Environment Ms. Berilyn Jeremiah, emphasised the importance of engaging the private sector to achieve tangible benefits for overall resilient and sustainable development.

“This workshop provides an opportunity to learn from each other and discuss ways in which we can collectively strengthen public-private sector engagements in climate change finance,” Ms. Jeremiah added.

Pacific Islands Forum Deputy Secretary General, Dr. Filimon Manoni said the private sector can be a driver of economic growth if given the opportunity, a sentiment echoed by many national delegates at the meeting. “This requires genuine and ongoing dialogue with the private sector and not only in the form of consultations, but accompanied by meaningful engagement with the private sector as articulated in the Framework for Resilient Development in the Pacific (FRDP)”, said Dr. Manoni.

Participants highlighted that whilst COVID-19 triggered engagement with the private sector out of necessity, the experience has provided opportunities to continue partnerships in the context of climate change. There have been efforts to improve understanding of the national resilience landscape in order to engage more constructively in climate finance.

Participants also learnt about regional and global climate finance opportunities, lessons learnt from access modalities and the experience of national and regional accredited entities, and support available to the private sector.

The workshop was funded through the European Union’s Intra-ACP GCCA+ Pacific Adaptation to Climate Change and Resilience Building (PACRES) Project. Other supporting partners include PIPSO, UNFCCC Secretariat, ADB, Micronesian Conservation Trust, Fiji Development Bank, SPREP, SPC, Vanuatu  Business Resilience Council, USAID Climate Ready Project, and the Adaptation Fund Secretariat.

 

 

 

Contact: Lisa W-Lahari, PIFS Public Affairs Adviser, LisaW@forumsec.org

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