The Asian Development Bank (ADB) and the Government of Tonga today launched Tonga’s first ever Climate Change Trust Fund.
The purpose of the Climate Change Trust Fund is to finance small, community-based climate adaptation and mitigation projects and fund the climate component of non-community- based projects.
The fund will also provide supplementary financial support to small scale community based, climate-related projects proposed by other organizations such as church groups, charities and non-government organizations.
The trust fund is part of the Tonga Climate Resilience Project financed by a $US19.25 million grant from the ADB Strategic Climate Fund. The Government of Tonga is contributing US$2.45 million to the initiative. The Climate Change Trust Fund accounts for $US5 million of the total project cost.
Siaosi Sovaleni, Tonga’s Deputy Prime Minister, Lu’isa Tu’i’afitu Malolo, Tonga’s Director of Climate Change, Feleti Fa’otusia, Climate Change Trust Fund Coordinator and Tatafu Moeaki, ADB Senior Country Coordination Officer participated in the event.
“The Climate Change Trust Fund will enhance capacity for nationwide climate actions in Tonga by providing a sustainable funding mechanism,” said Deputy Prime Minister Sovaleni at the launch. “Through the trust fund youth, women’s groups, church groups and others may contribute to strengthening Tonga’s climate resilience.”
“ADB is pleased to be able to support Government roll out its first climate trust fund to mainstream climate investments to include key vulnerable sectors to build a more resilient Tonga,” said Mr Moeaki at the launch.
The project aims to: Mainstream climate resilience into government planning and addresses country priorities focusing on the most vulnerable sectors and communities as well as strengthens the government’s and the community’s capacity to finance, develop, monitor and implement investments to improve ecosystem resilience and climate proof critical infrastructure.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region.