Suva, Fiji, September 20, 2024 –The Global Green Growth Institute (GGGI) hosted an Agence Française de Développement (AFD) visit to Fiji from earlier this month focusing on reviewing program activities that support the greening of the financial sector in the Pacific.

The visit featured a series of constructive discussions and strategic engagements aimed at advancing the Greening the Pacific Financial Systems (GPFS) program, an initiative dedicated to building climate-resilient financial systems and fostering green finance in Pacific Island Countries (PICs). 

The GPFS program is a five-year initiative funded by AFD and implemented by GGGI that focuses on fostering green investments that support climate-resilient and sustainable projects across the region.  

This visit was led by AFD’s Financial Systems Division representative, Paris-based Mr. Damien Serra, and included AFD Group representative in Fiji, Ms. Elodie Vitalis.  

It marks a significant advancement in the collective effort to strengthen sustainable financial systems in the Pacific region. Through collaboration with AFD, and regional stakeholders, GGGI aims to pave the way for a future in sustainable finance across Pacific Island Countries. 

“Strengthening the financial systems of Pacific Island Countries is vital to navigating the unique climate and economic challenges these nations face. Central banks and public development banks are pivotal in driving economic and social progress and in safeguarding biodiversity and reinforcing resilience against climate risks. By integrating green and inclusive finance, climate and disaster risk considerations and aligning investments with sustainable goals, they help create a financial ecosystem that supports long-term prosperity and the protection of natural resources, ensuring that Pacific economies are better equipped to face the future impacts of climate change.” said Elodie Vitalis, AFD Group representative in Fiji. 

For GGGI this partnership is essential for building a sustainable future for Fiji and the Pacific. It also underscores AFD’s commitment to fostering resilient economies amidst global challenges. 

“It has been exciting to engage with the Central Banks and Development Banks of the region during the consultations held over the last few months to listen to their priorities in sustainable finance and identify and agree together on the actions and next steps to support the financial institutions of the Pacific on the journey to green, inclusive finance, and increased resilience to climate change. These institutions are change-makers for the Pacific financial systems and support access to finance for the most vulnerable and those impacted by climate change. AFD and GGGI will work together to support Central and Development Banks to achieve their objectives and accelerate the transition to green, climate resilient Pacific economies.” said Ms. Katerina Syngellakis, GGGI Regional Director in the Pacific. 

Key Highlights of the Mission 

The mission featured several key activities designed to ensure the successful implementation of the GPFS program, including: 

Inception Phase Review: A comprehensive review of the program’s inception activities to note key lessons learnt and insights from stakeholder engagement, to set a robust foundation for the program’s implementation. 

Project Management Review: An assessment of the resources, organizational structure, and goals of the Project Management Unit to ensure the efficient and effective implementation of the program. 

Stakeholder Engagement: Productive meetings with key partners including Pacific Catastrophe Risk Insurance Company (PCRIC) and the Association of Development Financing Institutions in the Pacific (ADFIP), to reinforce collaboration on green finance initiatives. 

Governance Framework Validation: Endorse the program’s governance framework to ensure transparency, accountability, and smooth operational processes throughout the program. 

Work Plan and Component Review: A thorough review and validation of the program’s work plan, ensuring that all activities, deliverables, and timelines are well-aligned for seamless execution. 

These activities highlight the mission’s focus on laying a strong operational foundation for the GPFS program while engaging regional stakeholders to drive impactful green finance solutions across the region. 

The Greening the Pacific Financial System (GPFS) Project, financed by the Agence Française de Développement (AFD) and implemented by the Global Green Growth Institute (GGGI), is a five-year initiative aimed at enhancing the resilience of financial systems across Pacific Island Countries (PICs) to climate-related risks while fostering inclusive green finance. The project aims to foster a financial system that supports green growth by promoting investments in climate-resilient and sustainable projects. 

About AFD Group 

Agence Française de Développement (AFD) Group finances, supports and accelerates the transitions necessary for a more just and resilient world. It thus contributes to implementing France’s policy on sustainable development and international solidarity. It is with and for communities that we build, with our partners, solutions in more than 160 countries, as well as in 11 French overseas departments and territories. 

Our objective: To reconcile economic development with the preservation of common goods: the climate, biodiversity, peace, gender equality, education and health. Our teams are involved in more than 3,600 projects in the field, which are part of the commitment of France and the French people to fulfilling the Sustainable Development Goals. For a world in common. 

About GGGI 

Based in Seoul, GGGI is a treaty-based international, inter-governmental organization- with 45 Members and over 22 countries and regional integration organization(s) in the process of accession – dedicated to supporting and promoting strong, inclusive, and sustainable economic growth in developing countries and emerging economies.  With operations in over 30 countries, GGGI serves the role of an enabler and facilitator of Members’ transition into a low-carbon green economy, providing policy advice and technical support in the development of green growth plans, policies and regulations, mobilization of green investments, implementation of green growth projects, and development of local capacities and knowledge sharing. Further information on GGGI’s events, projects and publications can be found at www.gggi.org. 

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(GGGI Pacific) 

Epeli Waqavonovono, Senior Economist | Project Manager 

epeli.waqavonovono@gggi.org 

(GGGI Seoul HQ) 
Mona Laczo, Communications & Knowledge Sharing Unit Head 
mona.laczo@gggi.org