PCRIC Invited to Speak at GGGI Workshop

PCRIC was invited to speak during the Inception Workshop for the Pacific Central Bank component of the newly established Greening the Pacific Financial Systems Programme (GPFS). PCRIC CEO, Mr. Aholotu Palu, delivered a compelling presentation on the linkage of green financing with what PCRIC is offering to the Pacific region in terms of financial protection against natural disasters.

Organised by the Global Green Growth Institute (GGGI) and held at the InterContinental Fiji Golf Resort & Spa in Nadi on June 6th, this event drew in representatives from all six Pacific central banks, including bank Governors and Inclusive Green Finance leads.

With discussions revolving around potential interventions and support that GGGI and its partners could provide to the region, the workshop presented a valuable opportunity for participants to learn first-hand of PCRIC’s significant experience in the area of climate and natural disaster risk finance.

Mr. Palu outlined PCRIC’s role as a development parametric insurer and highlighted the services available for Pacific nations, including innovative instruments which have been created to ease fiscal pressures related to disaster response.

Speaking to mitigation of the impacts of climate change, Mr. Palu stated that significant investments are necessary in areas such as energy transitioning, loss and damage (L&D), early warning systems, and climate-resilient infrastructure. To this end, financial markets were crucial for mobilising and channeling funds towards sustainability projects and transitioning to a climate-resilient economy.

The CEO added that PCRIC had the ability to facilitate the green financing agenda through collaborating in the area of knowledge exchanges and technical assistance to further strengthen the regional capacity to address the growing need for innovative green financing and disaster risk finance solutions.