Pacific Islands are globally among the most exposed and vulnerable to climate change and natural disasters and are also among the least equipped to adapt, putting their economic development and macroeconomic stability at risk. Climate adaptation efforts in the Pacific are critical, but costs are substantial.
This paper provides an in-depth overview of access to climate finance for the Pacific Islands, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds. It takes stock of the climate finance landscape and reviews the requirements to access major climate funds, with a focus on the largest, the Green Climate Fund, identifying the types of potential challenges Pacific Island nations could face in accessing finance.
The paper also draws on country-specific experiences in accessing climate finance to identify actual challenges and successes based on discussions with relevant country authorities, and offers several key findings that can help support Pacific Islands.