GGGI has been supporting the Tonga Ministry of Finance (MoF) in improving its climate finance risk management through the project ‘Strengthening Institutional Capability to Access, Absorb, and Deliver Impactful Climate Finance in the Pacific’ since 2023. “The project aims to enhance the capacity and capability of Pacific nations to access climate finance and improve the efficiency of climate programs,” said Nathalie Andre, GGGI’s Regional Lead for Adaptation and Nature-Based Solutions. “The risk strategy focuses on building a risk-aware culture and defining the risk appetite for the Tonga Ministry of Finance, the central institution responsible for the country’s economic and financial needs,” she added.  

The risk strategy also focuses on identifying key divisional risks and establishing risk ownership. “The workshop enabled valuable peer-to-peer engagement and established the foundation for the Ministry of Finance’s risk framework. This strategy will directly impact our role in implementing the Tonga Climate Change Fund (TCCF)—a pioneering national financial mechanism in the Pacific region. The TCCF will channel small grants to communities and organizations for climate change adaptation,” said Gladys Fukofuka, the Head of Corporate Services, Tonga Ministry of Finance. 

Implemented by GGGI, the project is funded by the UK Foreign, Commonwealth and Development Office (UKFCDO) under the UK’s Small Island Development and Resilience (SIDAR) program. Through two additional training sessions planned this year, GGGI will continue to support the finalization and approval of the Enterprise Risk Management framework and Business Continuity plan.