Pacific Climate Finance Requires a New Approach
Pacific nations aim to shift the conversation on climate finance beyond mere access to investment, focusing on delivering lasting resilience for Pacific people and communities.
The challenge of Pacific governments accessing adequate climate finance has been extensively discussed over the past decade, with numerous reports, analyses, and regional strategies addressing the issue.
Continuing to centre the discussion solely on ‘access’ risks overlooking the deeper systemic barriers that limit the Pacific’s ability to achieve climate-resilient development.
The 2024 United Nations Climate Change Conference, COP29, emphasized the need for climate finance, with Pacific nations and other Small Island Developing States pushing for a new financing goal.
Despite strong evidence on the required investment magnitude, the global New Collective Quantified Goal (NQCG) still fell short of expectations.
Author's summary: Pacific nations seek a new climate finance paradigm.