Pacific regional organizations enhance climate and disaster risk management

Pacific regional organizations are strengthening cooperation to address climate and disaster risks. The Pacific Catastrophe Risk Insurance Company (PCRIC) has signed Memoranda of Understanding with the Pacific Community (SPC) and the Secretariat of the Pacific Regional Environment Programme (SPREP) in Tonga. These agreements aim to combine expertise in disaster risk financing, technical knowledge, and climate information to better support Pacific governments.

Concurrently, the Pacific Resilience Facility (PRF) is advancing its mission to make climate financing more accessible to local communities. Established as a regional facility owned by Pacific governments, the PRF has expanded its mandate to include loss and damage, disaster preparedness, and community capacity building. The facility operates on a grant investment model, with a revised capitalization target of US$500 million intended to provide sustainable financing for climate and disaster resilience across the region.