Pacific Resilience Facility
To build the Blue Pacific’s resilience in the face of more frequent and intense disasters and climate change, the Pacific Islands Forum will establish a regional financing facility with a goal of US$1.5 billion.
Climate change threatens the very existence of some Pacific Island countries
Disasters in the Pacific are more frequent and severe due to climate change. One disaster in the Pacific wipes out a generation of development gains in a matter of hours. The PRF provides a way for poor and vulnerable communities to help themselves prepare, rather than waiting for the next catastrophe.
It is more cost effective to be proactive and invest in disaster preparedness and climate proofing upfront than to spend resources on responding and rebuilding after disasters have struck. Global research shows that every $1 invested in disaster preparedness saves up to $7 in recovery costs (Laura Lightbody & Matthew Fuchs, 2018).
The Pacific is a leader of resilient development solutions and has developed and implemented innovative approaches to sustainable and resilient development. We act as One Blue Pacific Continent, recognising that climate change and disasters affect all of us. We are bringing the resilience and knowledge of all our countries and territories to address this challenge directly.
We know how to be self-reliant and there is a need for innovative financing to help the region build resilience and disaster preparedness. We know the PRF will work in our Blue Pacific and we are ready to implement it.
The PRF is Pacific-owned and Pacific-led
The Pacific region needs access to a predictable and sustainable level of funding to address climate and disaster risks. The PRF focusses on the financing gap that matters most to Pacific communities and will support disaster resilience that is customised, affordable and inclusive.
Accessing finance can be expensive, Pacific countries can borrow now and pay back later, but the interest is crippling. We do not want more debt.
The PRF is a self-sustaining financial model; once we have achieved a fund of US$1.5 billion, the PRF will pay for itself.
Forum Leaders have endorsed the PRF. It is the only self-sustaining Facility of its kind that is led by the region and focused on the communities of the Blue Pacific.
We do not have any time to waste
Each year, severe cyclones bear down on the Pacific and they are becoming more frequent and wrecking greater devastation. We continue to endure the climate change crisis. Our sea levels are rising and Pacific islands are disappearing. At the heart of these hazards are our people. Our homes are threatened, our livelihoods destroyed. Communities are suffering.
We in the Pacific do not want to stand by and wait for the next disaster. We want to be able to prepare. The next step is to convene an international pledging conference and we call on the international community and our development partners to provide their strongest support for this home-grown and game changing resilience financing initiative. We invite you to join us on this Blue Pacific journey.
What is the Pacific Resilience Facility?
- The PRF will help Pacific people exposed to climate change and disaster risks
- It will build the resilience, preparedness and adaptive capacity of poor communities before disasters strike.
- It will allow the Pacific to invest in small, grant based but high-impact projects to make communities disaster-ready
- It is a Pacific-owned, Pacific-led solution, answering a clear need
- It is a self-sustaining financial model – it will not result in debt for participating countries
- It will deliver grants quickly and efficiently, distributing money through national government systems
- PFR financial management will be global best practice, including external audits and independent monitoring
- It will provide predictable and ongoing support so the Pacific can prepare ourselves for disasters and long-term climate change risks, rather than waiting for the next catastrophe.
For more information read our Frequently Asked Questions.