Background

“Achieving resilience and prosperity through transformational innovation and collective action”

Exposure to natural hazards, extreme weather events, and sea level rise threatens the resilience, security, and survival of Pacific island countries. Extremely land-constrained and isolated, these countries rely heavily on imported fuel and food and are exposed to external price shocks and global supply chain issues. Meanwhile, the world’s oceans account for at least half of the oxygen in the atmosphere and are the single largest global heat and carbon sink. The Pacific Ocean alone covers about 15% of the globe, and ADB’s Pacific member countries account for 14% of the world’s Exclusive Economic Zones. The region has enormous untapped reserves of renewable energy and food, which can be monetized in a regenerative manner to grow natural capital; and the scale-up potential which is far greater than of any other region of the world. The world therefore needs to change its perception of the Pacific region as vulnerable and fragile, but rather a major and scalable source of life’s essentials and a champion of resilience!

Collective action is needed. Now. The Pacific region’s multiple development challenges require multi-pronged holistic approaches to be transformational: Sustainable development of clean indigenous energy sources, anchored on climate resilience and economic growth through productive uses beyond electricity. The session will feature expert views and panel discussions highlighting opportunities and practical applications for holistic cross-sectoral interventions, advanced technologies, innovative financing instruments, and appropriate policy and regulatory frameworks for the Pacific energy landscape’s transition from fragility to prosperity.