Development financing, which includes climate and disaster finance, combined with financial literacy and financial empowerment is crucial to mobilise finance for development and adaptation initiatives across the region. Pacific Island Countries require additional finance for long-term development, on top of the required resources to address sudden economic shocks and extreme weather events.
Distinguished guests will note for instance that recent cyclones in the Pacific region in Fiji, Samoa, Tonga and Vanuatu, have on average wiped out around 30-60 % of the national economy. A devastating impact by anyone’s measure.