Outcomes of Vanuatu Climate Finance Forum

Vanuatu and its people bear little responsibility for climate change, although it is particularly vulnerable to its impacts.

Government has placed a high priority on improved climate finance in key policies including the National Sustainable Development Plan, the National Climate Change & Disaster Risk Reduction Policy, UNFCCC National Negotiation Positions, the Nationally Determined Contribution as well as numerous sector policies.

In response, Climate Finance is already flowing to Vanuatu through UNFCCC Mechanisms, Multilateral Development Banks, Bilateral Support, Civil Society Programs and Private Sector Investment.

Despite this, Vanuatu remains inadequately funded, and approved climate finance fulfils only a small part of actual resilient development needs.

The delegates of the 1^st Vanuatu Climate Finance Forum, made up of high-level decision-makers, government technical officers, private sector representatives, regional and international development partners and civil society stakeholders, propose the following strategic way forward:

All stakeholders, from Government, Civil Society, the Private Sector and Development Partners will work cooperatively and in a coordinated way towards greater access to climate finance for the benefit of Vanuatu’s most vulnerable people. 

In order to accomplish this, Vanuatu’s National Advisory Board on Climate Change & Disaster Risk Reduction to take the lead to Finalize a Climate Change Finance Roadmap & Action Plan for Vanuatu which

• links Vanuatu Policies, Regional Frameworks and International Agreements and;
• Articulates results-oriented and time-bound targets and;
• Includes roles and responsibilities for ALL stakeholders and;
• Is linked to upcoming Climate Finance Readiness programs and;
• Addresses specific actions in the following 6 strategic priority areas:

Access & Modalities

• Multiple modalities of access to climate finance should be endorsed, including support to Government to achieve accreditation to receive direct access; as well as consideration of other accredited entities and modalities from development partners, civil society and the private sector

Capacity Building

• There is strong existing capacity within Government, Civil Society and Private Sector to expand access to climate finance.These climate finance capacities are to be mapped out, gaps identified and upskilling prioritized for all stakeholders;

Prioritization

• Finance flows must be prioritized and justified based on real vulnerabilities and transparent assessment frameworks; with a high priority placed on investments in women, youth and people with disabilities

Awareness

• Knowledge and information on climate finance sources, modalities and access requirements must be summarized and communicated simply and appropriately;

Coordination

• Existing Climate Finance advisory and working groups must be strengthened including additional participation from high-level Government, CSO/NGO, private sector and development partner representation.
• The roles of key Government climate finance institutions (including the NAB, the Ministry of Finance, the Prime Minister’s Office and the Ministry of Foreign Affairs) should be clarified and strengthened

Project Management

• Public finance management must be strengthened including adequate and effective human resourcing;
• Climate Finance M&E systems are to be improved to include robust frameworks to track climate finance access by all stakeholders, including an evaluation of the quality, impact and targeted-nature of finance flows

1.  Acknowledge the successful arrangement of the Inaugural Climate Finance Forum led by the NAB Climate Finance taskforce with support from GIZ, SPREP, PIFS, SPC, USAID, DFAT, UNDP, GCF and PFTAC. 

2. Endorse the strengthening of the NAB Climate Finance Taskforce to include additional representatives from the private sector, civil society and development partners

3.  Expand the mandate of the NAB Climate Finance Taskforce to

• commence work on and oversee the development of a Vanuatu Climate Finance Roadmap and Action Plan that is aligned with the NSDP, CCDRR Policy, NDC Roadmap and NAP.
• lead NAB dialogue with partners on Vanuatu climate finance issues
• support the coordination, steering and implementation of upcoming Vanuatu climate finance programs and projects