NICE, France, Tuesday 10 June 2025 — The Minister for Fisheries and Marine Resources, Hon. Bradley Tovosia, emphasized that financing for Sustainable Development Goal (SDG) 14.4 remains critically underfunded, with current financial mechanisms failing to adequately address the unique challenges of Small Island Developing States (SIDS).
Speaking at the Ocean Action Panel 3 in Nice, France, Minister Tovosia urged the international community to formally recognize the distinct vulnerabilities faced by SIDS, including limited fiscal space, high debt burdens, and capacity constraints, all of which hinder access to climate and biodiversity funding.
The Minister highlighted the central role of the ocean to the identity, economy, and future development of SIDS particularly in relation to food security and the sustainable management of coastal resources.
Minister Tovosia called for a more coordinated and accessible approach to ocean financing, advocating for the establishment of a global ocean financing facility tailored specifically to the needs of SIDS.
He stated, “This facility would provide direct access to grants and concessional finance for ocean conservation, sustainable fisheries, and blue economy initiatives.”
While recognizing the efforts of existing funding mechanisms like the Global Environment Facility (GEF) and the Green Climate Fund (GCF), the Minister urged that these funds prioritize ocean-related projects and streamline approval processes. He proposed a target allocation of at least 30 percent of climate finance towards ocean resilience for SIDS.
To enhance transparency and accountability, Minister Tovosia encouraged national budget tagging to track ocean-related expenditures. He stressed that it is essential for funding to reach local governments and communities directly, facilitated through streamlined regional channels.
The Solomon Islands government is committed to increasing its national ocean budget to 5 percent by 2030 to implement its National Ocean Policy, and Minister Tovosia called for targeted international support to help achieve this goal. He highlighted the importance of investments aligned with Pacific priorities, citing the USD 100 million commitment from the Bezos Earth Fund and USD 125 million from GEF-8 for Pacific nations to support relevant activities.
Minister Tovosia reaffirmed the Solomon Islands’ commitment to SDG 14, which focuses on the conservation and sustainable use of oceans, seas, and marine resources. He emphasized the urgent need for tailored and scalable financing solutions to support sustainable ocean management and resilient food systems across the Pacific region.
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PM Press Secretariat
I hope your ministry can fund some small SME for islander due to climate change like many sea resources are not like before