Nadi, Fiji, March 1st, 2024 – In an initiative to drive green growth and combat climate change impacts, the Global Green Growth Institute (GGGI) hosted the Pacific Climate Investors Pitch session through the Climate Finance Access Network (CFAN).
The hybrid event, held in early March, witnessed over 40 participants, including esteemed partners such as DFAT, EU, ADB, AIIB, EIB, and the Pacific Community (SPC), converging in person to explore a potential investment portfolio of USD$500 million for eight Pacific Island countries – Fiji, Samoa, Tonga, Vanuatu, Kiribati, Papua New Guinea, Tuvalu, and the Solomon Islands.
The pitch session showcased a wide spectrum of projects in various stages, ranging from early-stage initiatives requiring technical assistance and funding for feasibility studies to mid-stage projects seeking accredited entities and implementation partners. Investment-ready projects, poised for immediate action, are in need of grants, blended finance, concessional loans, private sector investment, and guarantees.
CFAN Focal’s and Advisors expressed enthusiasm while engaging with donors and investors, highlighting the potential for investment in green growth, green infrastructure, climate-smart agriculture, e-mobility, carbon emissions reduction, solar-powered water pumps, renewable energy, and discussions on Loss and Damage.
In her opening remarks Assistant Director, Pacific Climate Finance & Partnership Section Australian Department for Foreign Affairs and Trade Sandra I’Anson stated “Australia is proud to support the Climate Finance Access Network in eight Pacific countries. Bringing more climate finance into the region can be transformational and help to ensure the lives and livelihoods for future generations are secured.”
“According to the objectives, climate proposals through CFAN seek to mobilize 120 million US dollars in climate finance. This will be a significant contribution to our collective efforts in tackling climate change. Ultimately, Australia wants to benefit from a low emissions development pathway, and ensure the Pacific is also able to benefit, to be able to build resilient communities, reduce our collective vulnerability and contribute to a secure and prosperous region,” added Ms I’Anson.
Katerina Syngellakis, Regional Director, GGGI, added in her closing remarks “International, Regional and National organizations must continue to come together to meet the challenge of accessing and absorbing climate finance efficiently and effectively. Working towards the national objectives and goals of our member countries, we can achieve more through cooperation and collaboration than the sum of our parts, as individual organizations. Building partnerships is essential and is central to GGGI’s and CFAN’s approach”.
Charlotte Camille Turk, GIS Regional Investment Lead for the Pacific, emphasized the significance of CFAN Pacific Phase 2, stating, “The support from DFAT enables us to sustain the momentum of our ongoing initiatives and advance the maturity of our project pipeline, collaboratively developed with our country focal points. This event will serve as a platform to highlight CFAN’s impactful efforts in the Pacific, focusing on expanding access to climate finance and fortifying country ownership. Through these endeavors, we aim to enhance our reputation among investment partners in the region.”
The project’s two major outcomes are focused on increasing the mobilization or access to climate finance in the eight Pacific Island Countries (PICs) and building the capacity of these nations to access climate finance.
The positive response from attendees reflects a mutual understanding of the urgency to assist Pacific Island countries in accessing climate finance for sustainability, resilience-building, and combating the impacts of climate change in the region.
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About CFAN
Coordinated by RMI, the Climate Finance Access Network (CFAN) is an agile, demand-driven initiative that offers a practical and actionable solution to developing countries facing capacity constraints in accessing climate finance. The process for applying for CFAN support is straightforward, allowing trained advisors to hit the ground within 3-6 months of approval. Countries interested in applying for an advisor can visit cfanadvisors.org to request support.
Follow CFAN on Twitter and LinkedIn at @CFANAdvisors.