SUVA, May 8 (Xinhua) -- The Asian Development Bank (ADB) will invest 1.5 million U.S. dollars to assist Fiji's presidency of the 23rd session of the Conference of the Parties (COP23) to the United Nations Framework Convention on Climate Change (UNFCCC), and join the Fijian government's COP23 Advisory Panel.
ADB's support for Fiji's presidency of COP23 comes as ADB doubles the total financing provided for climate change to 6 billion U.S. dollars, said Stephen Groff, ADB's vice president for East Asia, Southeast Asia, and the Pacific.
The ADB contribution was welcomed by Aiyaz Sayed-Khaiyum, attorney general and minister for economy and minister responsible for climate change.
Khaiyum said COP23 would be critical to keep up the momentum for decisive action to reduce carbon emissions and arrest the current state of global warming.
ADB's support to Fiji's COP23 presidency will include technical advice worth at least 500,000 dollars to assist the Pacific country become a global leader on green transport issues and explore options to expand insurance coverage for households, farmers, and businesses to cover potential losses from natural disasters.
Recognising that small island developing countries are the most at risk from climate change, ADB will, through the COP23 Presidency Trust Fund, also provide 1 million dollars in grants to the Fijian government to ensure Pacific island countries have a strong voice in the lead up to COP23.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive and environmentally sustainable economic growth, and regional integration.
Established in 1966, ADB is celebrating 50 years of development partnership. It is owned by 67 members, 48 from the Asia-Pacific region. Enditem
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