Government of the Republic of Fiji
Government of the Republic of Fiji
10/30/2025 | Press release | Distributed by Public on 10/29/2025 20:07
ASSISTANT FINANCE MINISTER CALLS FOR STRONGER...
The Assistant Minister for Finance, Strategic Planning, National Development and Statistics, Hon. Esrom Immanuel, joined senior diplomats and international experts as a panelist at a high-level discussion on "Mobilizing Sustainable Finance in Caribbean and Pacific Developing States (SIDS)".
He underscored the urgent need for innovative and accessible financing mechanisms to address the escalating climate and development challenges and the existential risks faced by small island nations.
The event, convened by the Global Green Growth Institute (GGGI) in Seoul, South Korea, was held on the margins of Global Green Growth Week (GGGWeek) and ahead of the GGGI Assembly and Council Joint Session on Friday, 31 October, where the Assistant Minister will represent the Government of Fiji as a member of the GGGI Council. The panel brought together finance leaders from the Caribbean and the Pacific, alongside diplomats, climate experts, and international development practitioners.
In his remarks, Hon. Immanuel reaffirmed the importance of mobilizing sustainable finance at scale for SIDS like Fiji. He emphasized that such investments must prioritize climate resilience and the safety of island communities that are most vulnerable to the impacts of climate change.
"For SIDS, climate finance is not about money for the sake of money - it's about the survival of our people and communities, and we must do what is necessary to make that happen," said the Acting Minister.
"We need financing solutions that are accessible, predictable, and tailored to our scale and vulnerabilities. The time for incremental reform is over; we need systemic change that ensures fairness in how global capital flows to the most vulnerable nations. The onus is also on us to build the capacity and capability to manage these investments for the benefit of our people and communities."
Hon. Immanuel highlighted Fiji's pioneering efforts in sustainable finance, noting the country's issuance of the world's first sovereign green bond by an emerging economy in 2017, valued at FJD 100 million, which supported projects in climate-resilient water infrastructure, sustainable agriculture, and flood management. He also referenced Fiji's issuance of the Pacific's first sovereign blue bond in 2023, which raised FJD 50 million to enhance ocean-based resilience, sustainable fisheries, and marine biodiversity.
He further noted that Fiji adopted a comprehensive Sustainable Bond Framework in 2022, expanding the country's financing options to include green, blue, and social bonds with ESG-aligned elements. "These instruments demonstrate that SIDS can innovate and lead by example in attracting private investment for sustainable growth," he said, adding that "a clear and credible bond framework is the foundation of investor confidence."
The Assistant Minister of Finance also emphasized that sustainable bonds offer an alternative mechanism for mobilizing finance to meet Fiji's development needs, with the advantage of being quickly mobilized. However, he cautioned that "bonds remain a debt instrument that often carry higher coupon rates compared to concessional loans from multilateral development banks such as the ADB and the World Bank. This underscores our continued effort to ensure that we have sufficient fiscal space, as well as an improved deficit position."
He underscored the urgent need for innovative and accessible financing mechanisms to address the escalating climate and development challenges and the existential risks faced by small island nations.
The event, convened by the Global Green Growth Institute (GGGI) in Seoul, South Korea, was held on the margins of Global Green Growth Week (GGGWeek) and ahead of the GGGI Assembly and Council Joint Session on Friday, 31 October, where the Assistant Minister will represent the Government of Fiji as a member of the GGGI Council. The panel brought together finance leaders from the Caribbean and the Pacific, alongside diplomats, climate experts, and international development practitioners.
In his remarks, Hon. Immanuel reaffirmed the importance of mobilizing sustainable finance at scale for SIDS like Fiji. He emphasized that such investments must prioritize climate resilience and the safety of island communities that are most vulnerable to the impacts of climate change.
"For SIDS, climate finance is not about money for the sake of money - it's about the survival of our people and communities, and we must do what is necessary to make that happen," said the Acting Minister.
"We need financing solutions that are accessible, predictable, and tailored to our scale and vulnerabilities. The time for incremental reform is over; we need systemic change that ensures fairness in how global capital flows to the most vulnerable nations. The onus is also on us to build the capacity and capability to manage these investments for the benefit of our people and communities."
Hon. Immanuel highlighted Fiji's pioneering efforts in sustainable finance, noting the country's issuance of the world's first sovereign green bond by an emerging economy in 2017, valued at FJD 100 million, which supported projects in climate-resilient water infrastructure, sustainable agriculture, and flood management. He also referenced Fiji's issuance of the Pacific's first sovereign blue bond in 2023, which raised FJD 50 million to enhance ocean-based resilience, sustainable fisheries, and marine biodiversity.
He further noted that Fiji adopted a comprehensive Sustainable Bond Framework in 2022, expanding the country's financing options to include green, blue, and social bonds with ESG-aligned elements. "These instruments demonstrate that SIDS can innovate and lead by example in attracting private investment for sustainable growth," he said, adding that "a clear and credible bond framework is the foundation of investor confidence."
The Assistant Minister of Finance also emphasized that sustainable bonds offer an alternative mechanism for mobilizing finance to meet Fiji's development needs, with the advantage of being quickly mobilized. However, he cautioned that "bonds remain a debt instrument that often carry higher coupon rates compared to concessional loans from multilateral development banks such as the ADB and the World Bank. This underscores our continued effort to ensure that we have sufficient fiscal space, as well as an improved deficit position."
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