Statement delivered by H.E. Satyendra Prasad, Permanent Representative to the U.N., Fiji
V20 MINISTERIAL DIALOGUE IX
16 October 2022
H.E. Satyendra Prasad, Permanent Representative to the U.N., Fiji
Thank you very much, Chair, for very ably leading our family and thank you to the Secretariat and to our Ambassador for Ambition. Since we last met, two trends are clear: climate impacts are accelerating, and climate finance is not. And this is the V20 reality. This is also the reality for Pacific. We are on the frontlines of both of these trends. For this reason, when a disaster strikes, timely financial support is critical. Delays contribute and add to the cost of recovery, including to lives and livelihoods. Access to finance is key barrier, as many of us have been saying.
Recent pledges by donor countries and the climate finance delivery plan to reach 100 billion is reassuring; however, we also say that increased climate finance commitment does not automatically translate into increased access. According to RCD 40 small island states, developing states, receive 1.5 billion of around 80 billion of climate finance. This is 1.6 percent of world climate finance. For Pacific states, the share is 0.6 percent climate finance.
The gap is staggering by any metrics. But for many small states, and vulnerable states, we face systemic challenges to accessing even the limited climate finance. The system for accessing climate finance is ponderous and cumbersome. We would like to see that operating entities of the financial mechanism simplify the access and accreditation requirements, for example. We’d also be very appreciative of resources to help build capacity to develop our investment capacities to develop investment programs without adding extra administrative and reporting requirements. Chair and colleagues, Fiji welcomes the Global Shield Against Climate Risk initiative, G7 and V20 and as a Pathfinder country under the global initiative we look forward to working with implementing partners in exploring innovative and tailored solutions for closing the financial protection gap.
We would, for example, also like to scale up initiatives on micro-insurance that are currently being implemented and we urge 100 percent support for 100 percent of the premiums for barometric until these are commercially sound. Finally, Chair, as we prepare for COP27, Fiji looks forward to two very clear outcomes, one a completed mechanism to support loss and damage, and second, genuine and good faith discussions to commence discussions for a post-2025 financing framework which we believe should be in the order of $750 billion and that the time is also right for a SIF’s facility within that. I thank you very much.