The Fiji Times »Call to discuss adaptation finance
There is a need to intensify discussions on adaptation finance, Cook Islands Prime Minister Mark Brown said.
He said world leaders, negotiators and delegates to COP26 should consider a new global financial instrument that recognizes climate-related debt separately from national debt.
“Adaptation measures, by their very nature, are long-term investments against climate impacts, so we have to talk about life cycles of adaptation projects of 20 years, 50 years and 100 years, and more”, did he declare.
âWe need to provide innovative financing modalities that do not increase our debt. We need to consider amortizing adaptation debt over 100 years, and we need to remove climate adaptation debt from national balance sheets and create a new global financial instrument that recognizes climate-related debt, separately from debt. national. “
Mr Brown also called on executives to focus on debt servicing and ease of debt servicing, instead of focusing on the debt itself.
âIn accordance with the thinking I have just expressed, the reform of financial institutions to align with the 1.5 degree objective of the Paris Agreement is not a wish but a clear requirement.
âThe Cook Islands is seeking a new commitment that dedicates loss and damage funding that would help our vulnerable communities manage the transfer of risk from the irreversible impacts of climate change. “