PCRIC Attends CHOGM 24

Led by Risk Manager, Mrs. Daphney Stone, members of the PCRIC team recently traveled to Samoa to participate in key CHOGM side events and reinforce PCRIC’s expanding role in the region’s DRF ecosystem.

Of particular interest was the session addressing Fiscal Policies for Resilient and Sustainable Development. Because of their status with the UK, many small island countries and territories around the globe cannot access some of the current funding mechanisms, placing them at significant disadvantage. Coming from this event was a collective call on the Commonwealth Secretariat to provide even greater support to small and vulnerable nations, with requests for identifying additional funding sources, advocating for climate adaptation financing to be provided as grants rather than loans, and strengthening national governance frameworks to ensure much needed financial support could be secured.

Also attended was the session covering Access to Finance and the Scalability of Finance. Here, discussions emphasised the need to address the currently limited range of financial products well-suited to the realities of many Commonwealth nations. The prospect of an opportunity for banks to develop sector-specific offerings for agriculture, fisheries, and tourism was well received, as was the emphasis on leveraging technology to much greater degree in providing access to finance.

Asked to comment on the benefits derived by PCRIC attending such side events, the Risk Manager said that beyond renewing and expanding essential networks, there was great opportunity to raise awareness of the role of PCRIC in the region, and to articulate how as an established entity with strong donor support and a proven operating platform, PCRIC can take a valuable role in fast tracking implementation of climate financing initiatives being considered across the region.