The Fijian Government and Monash University jointly organised a successful side event on the “Blue Economy Financing Model for Pacific Island Countries” at COP27 in Sharm El Sheikh, Egypt.

The event entailed discussions on the Pacific Action for Climate Transitions (PACT) – A Monash University and Fiji National University joint research centre, which will be launched in early 2023 in Fiji.

The event, led by Professor Paresh Narayan of Monash University, explained the economic importance of oceans to Pacific Island Countries (PICs) and discussed the need for the oceans sector to become sustainable.

Distinguished panellists, Mr Rex Horoi—Monash University’s Climate Change Envoy, Ms Reshmi Kumari—Director Research, Ministry of Sugar (Fiji), and Dr Seema Narayan—Advisor to the Asia-Pacific Applied Economics Association, highlighted the lack of private sector input in climate change action, and the limited ability of the PICs to engage with the private sector particularly, through underdeveloped capital markets.

Story by: inoke.rabonu@fijisun.com.fj