Green Climate Fund Financing
Sector Working Group Members
Fijian Sustainable Development Bond Framework 2022
Fiji is committed to achieving its Sustainable Development Goals (‘SDGs’) by 2030 and intends to recover the development lost due to COVID-19, in synergy with allocating resources to accelerate national development relative to pre-COVID-19 ambitions. Such levels of resource mobilisation will require a combination of strategic fiscal spending, innovative capital market operations, and unprecedented levels of private sector investments.
In this regard, the Fijian Government has developed the Fijian Sustainable Bond Framework (‘Framework’) to enable the issuance of thematic bonds related to Fiji’s sustainable development ambitions. This Framework builds on the experience and Green Bond Framework of the Fiji Sovereign Green Bond issuance in 2017, with the intention of issuing other thematic bonds, starting with a Blue Bond in 2022.
The Framework is the first of its kind developed by a Small Island Developing State that creates a robust taxonomy for green, blue, and social projects. It is expected to help Fiji better communicate its sustainable development finance priorities with bilateral, multilateral, private and philanthropic investors.
Download Link: Fijian Sustainable Bond Framework
Climate Change Act 2021
On 24 September 2021, Fiji achieved a milestone by gazetting the Climate Change Act 2021.
The Act creates a legal basis to support our sustainable development objectives, long-term climate ambition, net-zero emissions target, and commitment to protecting Fiji’s environment.
The Climate Change Act 2021 consists of 112 clauses and sections. It is divided into 17 parts reflecting both Fiji’s current National Climate Change Policy and the Paris Agreement. More importantly, the Act declares a climate emergency (under part 2) by recognising the urgent need for rapid and ambitious global action.
Download Climate Change Act 2021
COP26 – 2021
United Nations Climate Change Conference
During November 2021, the Fijian Government attended the 26th Conference of Parties in Glasgow with the following outcome:
- Countries reaffirmed agreement to limit global warming to 1.5 degrees Celsius
- Agreement that emissions have to fall 45% by 2030
- Negotiations reached deal on global carbon trading (Article 6)
- Climate deal between China and the US
- Breakthrough agreement of fossil fuels – phasing down coal
- “Oceans” mentioned in agreement documents for the first time – a big win for Pacific SIDS
- Not enough clear pledges for new finance
- Experts warned that carbon trading deal has weaknesses
- No additional funds to cope with climate change for vulnerable countries like SIDS
- Current national pledges (NDCs) put the world on track for 2.4 degrees Celsius
- Language on reducing coal watered down from “phase out” to “phase down”
The Ministry of Economy (MoE) is Fijis National Designated Authority (NDA) to the Green Climate Fund (GCF). The NDA serves as the interface between stakeholders and the GCF. It provides broad strategic oversight of the GCF activities in Fiji and communicates Fiji’s priorities for financing low-emission and climate resilient development. Fiji has currently 5 GCF projects.
More information about the NDA can be accessed here:
The Fijian Government has released key policy documents that help formulate climate change action.
The policies can be accessed here:
Climate Change Act 2021
National Climate Change Policy 2018 – 2030
National Adaptation Plan (NAP)
Planned Relocation Guidelines
Low Emission Development Strategy 2018 – 2050 (LEDS)
NDC Implementation Roadmap 2017 – 2030
National Ocean Policy 2020 – 2030
The Fijian Ministry of Economy has developed its Environmental and Social Management Safeguard (ESMS) Policy and Gender Equality and Social Inclusion (GESI) Policy meeting international standards. These policies were developed in line with the Environmental Management Act and the National Gender Policy, making the Ministry of Economy the first having such policies implemented.
Accordingly, these policies help guide, measure, and administer strong environmental and social principles in projects and programme.
The Fijian Government has successfully relocated 6 climate vulnerable communities to safer grounds since 2011 to address climate induced displacement. We are also one of the first countries in the world to have a policy to address climate induced displacement and human mobility.