Unlocking Access to Climate Finance for Pacific Island Countries
By Manal Fouad, Todd Schneider, Natalija Novta, Gemma Preston, and Sureni Weerathunga[1]
Many small and fragile countries are both highly exposed to the adverse effects of climate change and have extremely limited resources. For some, the existential nature of the climate threat highlights the criticality of adapting to climate change—investing in infrastructure and other key areas to increase resilience and lessen the impact of climate-related natural disasters on growth and public welfare. Many small states have only a fraction of the financial resources needed to finance climate adaptation initiatives and rely on development partners and climate funds to access such financing. Yet, the experience in the Pacific Islands Countries has shown that financing has fallen short of the climate adaptation needs and that more will need to be done to unlock climate finance at the pace needed to respond to climate challenges. Maintaining the status quo will not be enough.
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