CLIMATE CHANGE FINANCE UNIT TO BE ESTABLISHED IN FINANCE MINISTRY (SOLOMON ISLANDS)

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BY GEORGINA KEKEA

RECENTLY the Solomon Islands government has launched a report on climate change disaster risk finance assessment. With that report, a number of recommendations has been highlighted to which one of them is to establish a Climate Change Finance unit within the Ministry of Finance and Treasury (MOFT). 

Climate Change Finance Adviser of the Pacific Islands Forum Secretariat (PIFS), Exsley Taloiburi who had played a key role in the assessment says at the moment a number of projects are in the process of recruiting a climate finance officer and a technical assistance expert to help set up the unit.

“So this week while we are here with the number of projects that are here, we have also undertaken the interviews for the Climate Finance Officer position which will initially be recruited by the projects but is expected to be absorbed by the Ministry after the project funding comes to an end”, Taloiburi says.

Ministry of Finance (Photo credit MOFT)
 Mr. Taloiburi says the Technical Assistance however will support in terms of scoping and to develop the necessary Terms of References (TORs) and requirements for the Unit that will be set up.

“I do understand that the Commonwealth Secretariat is looking at providing one full time climate finance adviser to be stationed in Solomon Islands and the discussions that we’ve had with relevant senior government officials is that the position will also be within that unit”.

Taloiburi says the key function of the Climate Change Finance Unit will be to explore the key funding sources that are available globally for climate finance as well as to carry out necessary financial analysis including gap analysis and then to provide advice to the government as to which sources of funds they can access.

“Because I think what is important is that although there are many funding sources available, the government needs to be strategic in terms of ensuring that they access funds that commensurate absorptive capacity and national priorities”, Taloiburi says.
The report launched last week is said to set the way for strategic planning by the government.

Climate finance refers to the flow of funds toward activities that reduce greenhouse gas emissions or help society adapt to climate change impacts. It is mainly to describe financial flows from developed to developing countries for climate change mitigation/adaptation activities. Example building of solar power plants, seawalls to protect coastal communities from sea level rise etc. 

The term is frequently used in the context of international political negotiations on climate change.

ENDS///

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