The UK Government announced that the British High Commission (BHC) in Suva, Fiji, has established a partnership system under which climate finance projects will be implemented in the Pacific island States.
The partnership project is designed for two years. Within the framework of this economic initiative, measures will be implemented to stimulate sustainable financial strategies in countries located in the Pacific region. In this case, it means promoting the development of projects that are aimed at solving the problems of decarbonization, reducing poverty, and eliminating the effects of climate change.
The partnership program includes a provision for expanding institutional capacities through the appointment of climate finance experts to public positions. These specialists will lead projects and conduct feasibility studies to have more knowledge needed for sustainable development.
If the first stage of the implementation of the partnership program has a positive result, the Global Green Growth Institute (GGGI) will oversee investments at the next stage. Also, in this case, the UK Small Island Developing States Capacity and Resilience Development Program will be applied.
The High Commissioner of the United Kingdom, Dr. Brian Jones, says that Pacific partners have stated the crucial importance of support and advice on access to climate finance for progress.
GGGI Pacific Regional Director Katerina Syngellakis said that the partnership program is based on the institute’s experience in the Pacific region.
Laimonas Noreika, a co-founder of HeavyFinance, said that the partnership is an example of active joint actions that are necessary to solve the problems that have arisen due to climate change. According to him, the expansion of access to financing and the promotion of sustainable projects increase the resilience of Pacific countries.
As we have reported earlier, UK Economy Demonstrates Growth.