High level officials from the Cook Islands, Samoa, Niue and Tokelau gathered in Apia this month to dialoue on sustainable finance solutions for Pacific Small Islands Developing States that was organised by the United Nations Development Programme (UNDP). The theme and title was ‘Unlocking sustainable finance for the green and blue economy: Governance, Resilience, and Investment Pathways.’
The dialogue was centred on the transition to inclusive and climate-resilient economies, and the role sustainable finance plays to facilitate this transformation. Halatoa Fua, NES Director, was joined by Karla Eggelton, CEO of the Cook Islands Tourism Corporation, and Anne Herman, Secretary of the Ministry of Internal Affairs, to provide cross-agency perspectives from the Cook Islands in sustainable tourism development, environmental management, and social welfare and wellbeing.
The participants learned about the foundation for sustainable finance and understanding the current global and regional finance policies. The trends in energy and climate finance were outlined as key pillars for economic and social development in the Pacific, including nature-based solutions and the environment and regulatory frameworks.
NES Director joined the panel on ‘Sustainable Finance for the Tourism Sector: Enhancing Resilience and Investment’, to discuss the common objective between Tourism and the Environment, where the sustainable development of tourism will result in a pristine environment with sustainable infrastructure to safeguard the natural environment and ecosystems. Halatoa Fua stated ‘ the enabling environment to allow environmental stewardship is critical for sustainable development. The policy and legal framework needs to be effective, outlining the steps taken by NES to produce a national policy and consult stakeholders on its new environment bill. Other areas such as resource mobilisation and enforcement, require sustainable finance and technical assistance to deliver effective outcomes’.
The dialogue also included discussions on green and blue bonds, as critical components that are redefining financial institutions and services. With the fast pace depletion of nature, climate change impacts and pollution, the consideration of these financial instruments will assist finance projects in the fields of renewable energy, energy efficiency, pollution, and marine based activities and tours. These discussions will shape future policy development and ensure sustainability is embedded in national planning and institutional frameworks.
The NES Director also took the opportunity to hold bilateral meetings with UNDP as the official technical focal point for the Global Environment Facility for the Cook Islands. The GEF Project ENUA is implemented by UNDP for the Cook Islands Government.
