In a collective move to attract new climate financing investment, Pacific leaders launched a Pacific Resilience Facility (PRF) Capitalisation Memorandum at a roundtable talanoa on the sidelines of the 80th United Nations General Assembly (UNGA80) this week, 23 September in New York.
It charts the Pacific's course to secure the initial US$500 million for the PRF, with a bold vision to grow to US$1.5 billion.
Prime Minister Hon. Dr 'Aisake Eke joined the talanoa
The PRF recognises the scarcity of public capital, and offers a compelling, unique and visionary climate financing investment alternative that increases the return on investment for climate investors and partners.
The MOU is designed to inform how the PRF will be governed, managed, invested and programmed, demonstrating that the PRF is an investable, credible and compelling alternative climate investment proposition.
This investment will fuel the commitment to a 1.5-degree world where Pacific peoples and communities are empowered to survive and thrive.
At the 54th Pacific Islands Forum Leaders Meetings in the Solomon Islands, Leaders welcomed the update on the pledges to date of US$162 million to capitalise the PRF.
At the UNGA80, the capitalization memorandum will inform Investors and Partners capital investment due diligence on the PRF.
It will mark the opening of the formal PRF contributions window from September 2025 to December 2026 to traditional and non-traditional partners, and support high-level capitalization advocacy to commence the call on the US$162m of pledges received thus far and to mobilize resources to achieve the balance of US$338m.
To date following the opening of the formal contribution window, five more countries expressed pledges included Ireland, European Union, Germany, Norway and the United Kingdom.
Other partners, including Portugal, Norway, Japan and the United Kingdom were invited to the Roundtable; H.E. Ana Isabel Xavier Secretary of State for Foreign Affairs and Cooperation Government of Portugal, Hon. Andreas Motzfeldt Kravik State Secretary Deputy Foreign Minister Government of Norway, H.E. Shigeru Umetsu Ambassador Deputy Permanent Representative of Japan to the United Nations, and Dame Rachel Kyte Special Representative for Climate United Kingdom.
Pacific leaders leading the talanoa included Secretary General Pacific Islands Forum, HE Baron Waqa, PIF Chair and PM of the Solomon Islands, Hon. Jeremiah Manele, PM of Tuvalu and Chair for Pacific Small Island Developing States (PSIDS), Hon. Feleti Penitala Teo OBE, Minister for Foreign Affairs Australia, Senator the Hon. Penny Wong, and Permanent Secretary of Foreign Affairs and External Trade of the Solomon Islands, Mr. Collin Beck.
Tonga will be the host country of the PRF, following the historic signing by 15 forum leaders of the agreement to establish the Pacific Resilience Facility (Treaty) this month. Meanwhile, an independent Board of Directors reporting to the Council will be established to oversee the operational functions of PRF.
