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Climate finance to drive blue economy


Sep 22, 2022 04:45:51 PM

Fiji is calling on larger and wealthier countries to drive investments in attracting private sector investments into the blue economy and supporting countries to overcome the constraints they face. 
While speaking on behalf of the Prime Minister and Chair of the Pacific Islands Forum at the High-Level Panel for a Sustainable Ocean Economy side-event today, Fiji’s Permanent Representative to the United Nations Ambassador Satyendra Prasad highlighted that Fiji is building a highly sustainable blue economy with every dollar we can muster.
Ambassador Prasad said for large ocean states such as Fiji and those in the Pacific, blue finance is development finance.
"The most important step panel members can take is to build a solid policy foundation for greater ocean-based investments," he said.
Ambassador Prasad told the High-Level Panel that Fiji’s National Ocean Policy which codifies much of the Panel’s Sustainable Ocean Plan and sets out our commitment to sustainably manage our 1.3 million square kilometers of the ocean by 2030, with 30 percent declared as Marine Protected Areas, and our pledge to protect the seabed from destructive mining,  provides an important framework for policy stability and certainty.
He said this is very important to draw private sector investments into Fiji’s sustainable blue economy. These commitments are additionally locked in Fiji’s Climate Change Act.
Based on these strong policy foundations, Fiji has the confidence to project and the actions it will take will lead to 100,000 skilled, professional and decent ocean based jobs by 2050.
He also informed the panel members that Fiji will begin its “transition to green shipping, to massively ramp up sustainable aquaculture; enhance food security of coastal communities, protect and restore coral reefs and place Fiji among the world’s most environmentally conscious tourism destinations. Fiji is committed to building back bluer and better”. 
He further highlighted that every ocean-based job we create in Fiji deepens our sustainability. 
"Every new ocean-based business enhances our economic resilience and every patch of the Pacific we protect delivers dividends in the form of clean air and a stable climate for every person on earth," he said.
Ambassador Prasad said that Fiji was among the four countries selected to receive seed funding through the UN’s SDG Fund, which combined with  GCF funding has the potential to catalyse over $50 million of private, philanthropic investments. 
"Our future must be as green as it is blue. Fiji’s economy depends on it, our ecosystems depend on it, the Fijian people depend on it and the same goes for every person on the planet," Ambassador Prasad concluded.
By Romeka Romena  

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