A national mapping project has provided businesses in the Solomon Islands with increased understanding of climate and resilience financing. The project is seeking to strengthen private sector’s engagement and to promote public-private partnerships in this crucial area of financing.
The mapping project was a joint undertaking by the Solomon Islands Chamber of Commerce and Industry (SICCI) with the Ministries of Finance and Treasury; and Environment, Climate Change, Disaster Management and Meteorology supported by the Pacific Islands Forum Secretariat (PIFS). Two key outcomes were the creation of a database of accredited entities for climate change funds, with new access for the private sector, and concepts for dedicated private sector funding under the Green Climate Fund or other sources.
“The Secretariat recognises the leadership of all involved in the national mapping exercise. Government and business know that together, they can support a climate-resilient private sector in the Solomon Islands,” Dame Meg Taylor, Secretary General of the Pacific Islands Forum.
“Access to international climate change and disaster risk finance is a key priority for Forum Leaders. Facilitating private sector access to the global climate funds is critical to assist businesses in the Pacific build back better as part of the COVID-19 recovery,” the Secretary General said.
SICCI Chairperson, Jay Bartlett, says the Chamber of Commerce sees the impact of climate change and disasters as the most critical threats facing businesses in the Pacific today. “We believe the private sector mapping has made existing public-private partnerships stronger. SICCI members have new guidance and interest in accessing climate change resources for mitigation and adaptation activities as resilient business operators,” said Bartlett.
The mapping included interviews with businesses in Honiara and discussions with government ministries. Completed in June 2020, the findings were submitted to the Ministry of Finance and Treasury and the Ministry for Environment, Climate Change, Disaster Management and Meteorology as well as to the Solomon Islands Chamber of Commerce and Industries Board. A national workshop to progress the recommendations is planned.
Strengthening the role of private sector in climate and resilience finance falls under the Framework for Resilient Development in the Pacific (FRDP) and the Pacific Resilience Partnership (PRP), which recognise that multi-stakeholder approaches are key to advancing national sustainable and resilient development goals.
This initiative has been made possible through funding support from the EU-funded Intra-ACP Global Climate Change Alliance Plus Pacific Adaptation to Climate Change and Resilience Building (PACRES) Project.