New green fund launched for small island nations

133
ADB Vice-President Mr. Ahmed M. Saeed (right) and Ireland’s Minister for International Development Mr. Ciarán Cannon (left) at the Contribution Arrangements signing during the opening of the 52nd Annual Meeting of ADB’s Board of Governors on 1 May in Nadi, Fiji (Photo from ADB)

Fiji – An environmental trust fund has been created to support climate change and disaster resilience projects of small island developing nations. 

The Asian Development Bank and the Government of Ireland signed the Ireland Trust Fund for Building Climate Change and Disaster Resilience in Small Island Developing States (SIDS). The contribution arrangements were signed by ADB vice-president Ahmed M. Saeed and Ireland’s minister for international development Ciarán Cannon on the opening day of the 52nd Annual Meeting of ADB’s Board of Governors in Nadi, Fiji.

Initially, the agreement is committing to an initial six-year program funding of $13.4 million for the period 2019 to 2024.

The trust fund will primarily support technical assistance and capacity development – to include activities such as financing climate-proof infrastructure, helping countries plan for and respond to climate change, and leveraging global climate resources for mitigation and adaptation efforts.

The Marshall Islands, the Federated States of Micronesia, and Palau are among the small island nations that are eligible for the trust fund.