Climate change is our Pacific reality.
Climate-induced disasters in the Pacific are now more frequent and severe. We are more at risk than any other region in the world. Five major cyclones have swept through the Pacific since 2015, causing losses of up to two-thirds of our GDP. In a matter of hours, one disaster wipes out a generation of development gains. Vulnerable communities, particularly women and girls, are most affected.
We are now also facing a health and economic crisis from COVID-19.
This pandemic has exacerbated our existing vulnerabilities.
We have had enough.
We want to be proactive and prepared --not just react when disasters occur.
We know that every $1 invested in building resilience saves up to $7 in response and recovery costs.
We have a Pacific-owned and Pacific-led solution. We -- the Pacific people are committed to work together using our knowledge and traditional wisdom to address the challenges wrought by climate change and other disasters.
The Pacific Resilience Facility will fund small, grant-based but high-impact projects to make communities more resilient to climate and disaster risks. It will help vulnerable Pacific people by building the resilience of communities before disasters strike.
It will deliver grants quickly and efficiently, distributing money through national government systems.
It is a self-sustaining financial model and will not result in debt for participating countries.
Just one fifth of global climate finance is spent on adaptation and resilience. For Pacific countries, only 2 percent has benefited us in the past decade.
The Pacific Resilience Facility will provide predictable and ongoing support so we can prepare ourselves for catastrophic events and save lives and livelihoods.
Projects could include retro-fitting critical infrastructure like community centres and schools, and small-scale coastal protection projects.
We know the Pacific Resilience Facility will work here and we are ready to implement it.
We act as One Blue Pacific Continent, recognising that climate change and disasters affect us all.
Join us in the fight of our lives.
-- Tuvalu Prime Minister Hon. Kausea Natano, speaking as the Forum Chair and lead presenter in the PRF prospectus launch video, May 12, 2021
