YOKOHAMA, JAPAN (7 May 2017) — The Asian Development Bank (ADB) will invest $1.5 million to assist Fiji’s Presidency of the 23rd Conference of the Parties (COP 23) to the United Nations Framework Convention on Climate Change (UNFCCC) and join the Government of Fiji’s COP 23 Advisory Panel.
“ADB’s support for Fiji’s Presidency of COP 23 comes as ADB is doubling the total financing we provide for climate change to $6 billion by 2020,” said Stephen Groff, ADB Vice-President for East Asia, Southeast Asia, and the Pacific. “ADB was also very pleased to have assisted Fiji in mobilizing $31 million in grant financing from the Green Climate Fund (GCF) to improve water supply in Suva. This was among the very first round of proposals agreed by GCF.”
The ADB contribution was warmly welcomed by Aiyaz Sayed-Khaiyum, Attorney General, Minister for Economy, and Minister for Climate Change. “As our Honorable Prime Minister and incoming COP 23 President, Frank Bainimarama, has highlighted, COP 23 will be critical to keep up the momentum for decisive action to reduce carbon emissions and arrest the current state of global warming. Fiji is pleased to extend an invitation to the ADB President to join the Advisory Panel for COP 23, and appreciates ADB’s valuable technical advice,” he said.
ADB’s support to Fiji’s COP 23 Presidency will include technical advice worth at least $0.5 million to assist the Pacific country become a global leader on green transport issues and explore options to expand insurance coverage for households, farmers, and businesses to cover potential losses from natural disasters.
Recognizing that small island developing countries are the most at risk from climate change, ADB will also provide $1 million in grants to the Fijian government to ensure Pacific island countries have a strong voice in the lead up to COP 23.
ADB has been working with the Government of Fiji since 1970, approving $509 million in loans, $35 million in grants, and $32 million in technical assistance for the country. ADB support to Fiji is largely directed to improving transport infrastructure and extending the supply of clean water and modern sanitation.
ADB’s Board of Governors yesterday formally approved Fiji to host ADB’s 52nd Annual Meeting. This will be the first time ADB will hold its Annual Meeting in any Pacific developing member country.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive and environmentally sustainable economic growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.