Prime Minister Hon James Marape has re-joined his 14 counterpart leaders of the Pacific Islands  Forum at the PIF Leaders Meeting to sign the Pacific Resilience Treaty.

The treaty is a first of such an arrangement established by PIF-member countries and is a commitment from them to create a financial institution that will operate as a sustainable “superfund.”

This innovative approach is designed to provide a more efficient, community- centred, and accessible mechanism for funding vital climate adaptation, disaster preparedness, and loss and damage projects across the region.

Key details about the Pacific Resilience Facility treaty are:

• Pacific-led and owned: The PRF is the PIF family’s answer to the challenges of accessing larger global climate funds for small-scale community projects. It is a “first for the Pacific established by the Pacific.”

• Sustainable Financial Model: The facility will operate like a superannuation fund. Initial investments from donor countries will generate returns, with the majority of the profits being used to provide grants for community-level projects, while a portion is reinvested to ensure the fund’s long-term sustainability.

• Accessibility for Pacific Nations: A core purpose of the PRF is to address the burden of large debts that many Pacific Ocean countries face when seeking climate finance. The facility is designed to provide grants or loans without negatively impacting their credit ratings.

The facility is built around two main pillars:

•  Funding projects for climate adaptation,  disaster  preparedness,  nature- based solutions, and disaster response.

• Addressing social and community resilience through training, capacity building, and supporting sustainable development goals.

The signing of this treaty marks a significant step toward regional self-reliance in managing climate resilience and security. It is a demonstration of the seriousness of the region’s commitment to its people and the support of its partners.