COP29 highlights debt concerns over climate finance for Pacific island nations
At COP29, Pacific scholars are urging world leaders to reform climate finance distribution for small island nations. Currently, 72% of climate funds are loans, increasing debt for these countries, while private contractors benefit from infrastructure projects. A recent report highlights that climate finance often follows traditional development aid patterns, making access difficult for Pacific nations. It emphasizes the need for funds to directly support local communities facing climate impacts. The report also showcases successful local adaptation strategies, rooted in Indigenous knowledge. These practices, such as elevated housing and ecosystem-based approaches, demonstrate resilience and innovation among Pacific peoples in response to climate change.