Suva, Fiji, May 27, 2024 – The inception workshop for the Greening the Pacific Financial Systems (GPFS), supported by the Global Green Growth Institute (GGGI), was held by the Association of Development Finance Institutions of the Pacific (ADFIP) on May 27-28 in Fiji. The meeting was hosted by GGGI and chaired by ADFIP chair, Bank of Cook Islands. The GPFS is funded for the next five years by the Agence Française de Développement (AFD– the French Development Agency).
As the Pacific faces the immediate threat of climate change, the impacts on the Pacific financial system and opportunities to respond are less well known. Without understanding and responding to the risks of climate change to financial systems, the development aspirations of Pacific countries will not be achieved.
“The GPFS program aims to respond to this need, supporting Pacific Development Banks and Development Finance institutions and the Central Banks of the Pacific to raise awareness, share knowledge amongst peers, develop capacity of their staff, strengthen coordination mechanisms, develop tools and explore regional mechanisms to enhance financial resilience and green financing”, said Elodie Vitalis, AFD representative in Fiji.
This first inception workshop with Pacific Development Banks and Development Finance institutions discussed challenges and opportunities to foster green, inclusive finance and provided an opportunity for development banks to share their experiences to date in disaster recovery, green technology, financing to women and youth and climate finance.
Tonga Development Bank shared their experience implementing a revolving fund for disaster recovery over the last 10 years and challenges supporting solar development. Bank of Cook Islands shared their experience in engagement with the private sector, civil society and the government on scaling up green finance practices and the importance of collaboration with local and regional accredited & executing entities in knowledge sharing; Fiji Development Bank presented information on their Women Entrepreneur loans, reaching 1,300 business women and disbursing over $1M Fiji dollars in loans between $1000-$5000 in the last two years and Tahiti’s Socredo Bank showed their sustainable development screening tool which they have developed and apply to investment request they receive and support clients to go green.
“The Greening the Pacific Financial System Program is providing a much-needed opportunity to re-launch ADFIP for knowledge sharing, amplifying the voice of Pacific finance institutions and collective planning to access assistance and funding for green and climate finance” stated current ADFIP Chair, Ms Jennifer Henry, from Bank of Cook Islands.
The inception workshop has prioritized activities, confirmed a work plan and agreed a steering structure for the GPFS program.
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About Agence Française de Développement
The French Development Agency (Agence Française de Développement – AFD), deeply rooted in the Pacific for the past 75 years, is the French public agency that deploys France’s official development assistance through loans, grants and expertise. The agency supports Pacific Islands Countries and Territories, among which French territories, in the implementation of their ecological, economic and social transitions. Created in 2018, the Pacific Regional Office targets as a priority the challenges of climate change and biodiversity conservation, through regional or bilateral projects.
More information on https://www.afd.fr/en/regional-office/pacific-ocean
About the Global Green Growth Institute (GGGI)
The Global Green Growth Institute (GGGI) was founded as a treaty-based international, inter-governmental organization in 2012 at the United Nations Conference on Sustainable Development. GGGI supports its Member States in transitioning their economies toward a green growth model that simultaneously achieves poverty reduction, social inclusion, environmental sustainability, and economic growth. With 48 Member States and over 25 Partner countries and regional integration organizations in the process of accession, GGGI delivers programs and projects in 51 countries. These initiatives encompass developing innovative green growth solutions, technical support, capacity building, policy planning & implementation, and assistance in building a pipeline of bankable green investment projects, project financing, investments, and knowledge sharing. GGGI’s work contributes to its Member States’ efforts to fulfill the Sustainable Development Goals and the Nationally Determined Contributions to the Paris Agreement.
For more information, visit: https://gggi.org
(GGGI Pacific)
Epeli Waqavonovono, Senior Economist – Pacific
(GGGI Seoul HQ)
Mona Laczo, Communications & Knowledge Sharing Unit Head
+82 10 9530 0358
mona.laczo@gggi.org
© Photo Credit GGGI