COP29, Baku, Azerbajian – 21 November 2024:  At the margins of COP29 in Baku, the Republic of Fiji signed the ‘Articles of Agreement’ (AoA) to join the G20 Bali Global Blended Finance Alliance (G20 Bali GBFA) as country member with host country Indonesia. The AoA Signing ceremony was represented by H.E. Amena Yauvoli, Fiji’s Ambassador to Indonesia and H.E. Nani Hendiarti, Deputy Minister for Food Affordability and Security of Coordinating Ministry Food Affairs and the presence of other senior Indonesian Government officials in Baku. 

Developing economies, particularly the Least Developing Countries and Small Island Developing States (SIDS), are confronted with a staggering annual financial gap of USD 3-5 trillion for climate action and SDGs. This funding gap calls for stronger efforts to enhance financial investments, implement innovative funding mechanisms, secure commitments from various governments, private sector and philanthropists.

As a new international organisation, the G20 Bali GBFA seeks to bridge the financing gap of Sustainable Development Goals (SDGs) and climate action in the developing world. Acknowledged by the G20 Leaders, the G20 Bali GBFA was set up during Indonesia’s G20 Presidency in 2022 as a response to the growing need for a South-led financing platform on SDGs and climate action. Fiji, through its Embassy in Jakarta, participated for the first time in the G20 meetings in 2022 and remained involved in strategic engagements of the GBFA - from deliberations, negotiations and to the finalisations of the AoA.

The signing of the Articles, earlier endorsed by the Hon. Prime Minister and Minister of Foreign Affairs, and Cabinet, concludes a rigorous passage of preparations and national consultations that enabled Fiji to become a participating member and beneficiary of the G20 Bali GBFA. Going forward, Fiji's engagement in the G20 Bali GBFA will be led by the Ministry of Foreign Affairs (MFA), including the programming of the fund which will begin in early 2025.

Source: https://www.instagram.com/p/DC0C6sOTVd3/?igsh=emk0YmYzYThsOWs1&img_index=1 / https://www.facebook.com/FijiEmbassyJakarta/posts/signing-of-the-bali-g20-global-blended-finance-alliance-gbfa-is-an-early-milesto/887605560180981/