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The absence of the private sector in the acceleration of global climate action is a critical issue.
This was highlighted by Minister Responsible for Climate Change, Aiyaz Sayed-Khaiyum while speaking during the 3rd Climate Action Pacific Partnership (CAPP) conference in Suva.
Sayed-Khaiyum says Climate Change development partners should innovate the private sector to fill the empty space as the government takes a holistic approach against climate change.
He said it’s crucial to enhance financial development as most vulnerable countries need financial assistance.
“The development partners must have an obligation to their taxpayers etc., so we do need to get the private sector in and to be able to be at the same time tell the private sector that there is in act money to be made. You may actually mute, or numb down what you expect as a rate of return but by the way, these are new markets.”
Sayed-Khaiyum said the private sector is crucial as Pacific Island countries suffering from the effects of climate change cannot work alone in building resilience is their island homes.
He said Fiji is at the forefront in the fight against climate change and needs support from relevant stakeholders.
SOURCE: FBC NEWS/PACNEWS
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