REMARKS: Secretary General Waqa Remarks at High-Level Panel, CoP-PF4SD Conference 2025

Excellencies, 
Esteemed Leaders of the global financial community, 
Ladies and gentlemen.

I bring Warm greetings from the Pacific Islands Forum.

2.    I am honoured to address this gathering of visionaries - those who can shape the future of global investment, innovation, and sustainable prosperity.  

3.    Today, we face a dilemma: while capital flows have reached unprecedented levels, far too little is reaching the places that need it most—especially Small Island Developing States (SIDS), including those in the Pacific.  

4.    Our nations, scattered across vast oceans, stand on the frontlines of an urgent climate crisis, confronting prolonged economic shocks, shifting global markets, and escalating geopolitical tensions.  

5.    The Pacific’s 2050 Strategy for the Blue Pacific Continent is a comprehensive plan for sustainable development and climate resilience. It offers a rich opportunity for climate investors who look beyond financial metrics.  

6.    However, challenges threaten to divert attention from the global momentum needed for consistent climate investments in our Small Island Developing States. The lacklustre New Collective Quantified Goals from COP29 and the recent U.S. withdrawal from the Paris Agreement are stark reminders of this need.  

7.    We must ask ourselves: Why are we not delivering more on the promise of private finance mobilisation? More importantly, how do we change this?  

8.    To answer, we need bold actions to reduce barriers related to:  
- Private finance actors' access to climate investments in SIDS, and - SIDS' access to blended finance.
9.    From a policy perspective, three key levers can foster inclusive access to private finance while still providing a credible business case for investors:  

[Shift the role of development finance]
10.     Firstly, we need to shift the role of development finance. Donors and Development Finance Institutions (DFIs) should become agile enablers, catalysing private investment rather than merely funding. By unlocking their balance sheets, DFIs can help SIDS access blended finance as a regional bloc rather than limiting them to the size of each state.

[Rethink risk and return]
11.    Secondly, is to re-think risk and return. We must align public funds with private sector capital to drive long-term transformation. Let’s redefine what constitutes a ‘return’ on sustainable climate investments in SIDS. Your investment is not just about financial returns; it’s about achieving tangible human, social, and environmental progress.

[Enhance capacity-building and institutional strengthening]
12.    The third lever is to enhance capacity building and institutional strengthening. This includes enabling cross-border digital economies and resilient infrastructure. Building local capacity will safeguard climate investments and ensure they are appropriately tailored to our unique contexts.  

13.    Finally, to demonstrate a transformational and innovative Pacific response to the tired rhetoric of too slow, too complex, and too little, our Pacific Leaders have mandated the establishment of our Pacific-led, owned, and managed Pacific Resilience Facility, or the PRF.

14.    The PRF is a groundbreaking financial institution collectively owned and managed by our Pacific Islands Forum Governments. Designed to be a sustainable funding source, it will support community-driven climate and disaster resilience across our region. Our focus includes climate adaptation, disaster preparedness, and nature-based solutions, ensuring we invest wisely for a future honouring our shared sustainable development goals.

15.    With robust governance from the Pacific Islands Forum Economic Ministers, we aim to raise an initial capitalisation target of USD 500 million by 2026, with a visionary goal of USD 1.5 billion for a 1.5-degree world. This effort will be formalised by signing the PRF Treaty at the upcoming 54th Pacific Islands Forum Leaders Meeting in the Solomon Islands.

16.    We are also committed to blending financing solutions and collaborating with philanthropic organisations and development banks to amplify our impact while alleviating debt burdens on our Member nations. Our innovative funding strategies, including a Contingency Sub-Fund supporting remote communities, are designed to ensure uninterrupted resilience programming.

17.    Distinguished delegates, we urge you to recognise the tremendous potential of investing in the PRF. Together, we have the opportunity to uplift communities and create meaningful change. Let us leave this conference with tangible commitments to mobilise capital for our Small Island Developing States in the Pacific.

18.    I appreciate your dedication to building a resilient Blue Pacific for generations. Together, we can make a difference.

I thank you.