HONIARA, Solomon Islands – The 54th Pacific Islands Forum Leaders Meeting in Honiara this week has marked a significant milestone with the signing of the Agreement to establish the Pacific Resilience Facility (PRF), a regional climate and disaster resilience financing facility dedicated to supporting Pacific communities.
Solomon Islands Prime Minister and Pacific Islands Forum Chair, Hon. Jeremiah Manele, hailed the PRF as a game-changer for the region, emphasizing the importance of Pacific-led and owned solutions to address the structural barriers faced in accessing global climate financing.
“This is ours. This is the Pacific’s response, by the Pacific, for the Pacific, to structural barriers we face in accessing global climate financing, which is still too slow, too little, too complex and unpredictable,” Prime Minister Manele said.
The PRF is seen as a key component of the region’s efforts to build resilience and adapt to the impacts of climate change.
The Forum Chair called on leaders to be bold and audacious in their vision for the PRF, mobilizing resources and galvanizing collective political will to support the facility’s success.
The PRF aims to mobilize US$500 million in initial capital and ultimately reach a target of US$1.5 billion to support climate resilience efforts in the Pacific.
Prime Minister Manele emphasized the need for collective action, saying, “Iumi tugeda, let us act now.”
“We must act together now to galvanize our collective political will and power to make it known to our partners… that the Pacific will not settle for anything less than what we are asking for,” he added.
The signing of the PRF treaty is a significant step towards a more resilient and sustainable future for the Pacific, and leaders are calling for collective action to support the facility’s growth and impact.
Prime Minister Manele conveyed his appreciation to the former Forum Chairs, the Prime Minister of the Cook Islands and the Kingdom of Tonga, who have navigated the revival of this noble vision from the remnants of Covid-19, to restore a hope almost lost.
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