San Francisco, 16th November – Government fully supports a greener and bluer global economy supported by the 2050 Strategy for the Blue Pacific Continent.
Prime Minister Sitiveni Rabuka revealed this at the Partnership for Global Infrastructure and Investment (PGII) and Indo-Pacific Economic Framework (IPEF) Forum which was held on the margins of the APEC Summit today.
Realising this vision in the context of climate change action, Prime Minister Rabuka stressed the importance of substantial investment in infrastructure and innovation and support from development partners.
“The Clean Economy Pillar of IPEF will surely contribute to addressing impacts of the ongoing climate crisis. It will also complement work undertaken in other agreements and initiatives under the pillar,” he said.
“The Pillar seeks to kick start a number of innovative initiatives that enhance investments with tools that can contribute to and accelerate our efforts in responding to the impact of climate change.
“Towards this effort, Government is accelerating Fiji’s move towards a greener future. We are endeavouring to mobilise and facilitate finance for green investments and we are interested in exploring ways to de-risk investments, and using development finance to unlock private capital.”
The Prime Minister informed those in attendance that Fiji has launched its first-ever sovereign blue bond earlier this month.
“We have also partnered with the Climate Investment Fund in the upgrading of power stations and transmission lines throughout the country, created new sources of renewable energy and we funding the electrification of islands in our maritime zone and rural communities.”
While shedding light on the issue of resilient trade-related infrastructure, Prime Minister Rabuka highlighted the urgent need for investment in new and upgrading of existing infrastructure to meet the current demand and also mitigate the impact of climate change.
“Inadequate and outdated infrastructure constraints Fiji’s economic growth and regional economic integration. Investment in infrastructure is a catalyst for more private sector investment which drives sustainable economic growth.”
Prime Minister Rabuka, at the same time, highlighted Fiji’s appreciation for Google’s commitment in investing in the trans-Pacific submarine cables, a project that will further enhance the connectivity capacity of Fiji and other Pacific Island Countries to Australia, the United States, and later, South America and Asia.
The Investor Forum, co-hosted by U.S. Secretary of Commerce Ms Gina Raimondo and Senior Advisor to the President Mr Amos Hochstein, focused on identifying ways to mobilise capital, unlock sustainable long-term economic growth, facilitate commercial activity, and strengthen supply chains in IPEF countries.
The 14 IPEF partners include Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States and Vietnam signed the IPEF Supply Chain Agreement and announced the substantial conclusion of the negotiations for the IPEF Clean Economy Agreement, IPEF Fair Economy and the Agreement on the Indo-Pacific Economic Framework for Prosperity.