Seychelles developing strategy to enhance access to climate finance

Joubert said the strategy is foreseeing investments in infrastructures, and capacity building in different projects that will build up our resilience to climate change. (Gerard Larose)

A strategy being developed in Seychelles to enhance access to and utilisation of climate finance is expected to be finalised in December and a consultation meeting with stakeholders was held on Thursday to engage them in the process.

Julius Joubert, a senior economist in the National Planning Department, told reporters that Seychelles under its international agreements, like the Paris Agreement, which is one for climate change, there are different components and all countries must make provisions to take action to face climate change through projects.   

"We are foreseeing investments in infrastructures, and capacity building in different projects that will build up our resilience to climate change. We have looked at several studies done on how much it will cost us and how much we will have to raise with our partners," he said.

Joubert added that this is one of the main reasons for the workshop on the Climate Finance Resource Mobilisation Strategy as, "We have to engage all our stakeholders so that they also participate as the government will not be able to cater to all the expenses." 

In her address, the principal secretary for National Planning in the Ministry of Finance, National Planning and Trade, Elizabeth Agathine, said that Seychelles has been at the forefront of the climate change agenda, often being dealt heavy blows due to the adverse effects of climate change, in the form of adverse climatic phenomena.

"At the highest level, the Ministry of Finance and the government in its entirety, is integrating climate change resilience into all its core business. This is reflected in the new National Development Strategy 2024-2028 launched earlier this year," she added.

She said that once finalised, the Climate Finance Resource Mobilisation Strategy will span from 2025 to 2030, and it will provide an opportunity to explore and harness both existing and innovative funding sources, leveraging our strengths while tackling challenges and overcoming barriers.

Agathine added that this strategy is being crafted to align with Seychelles' broader international commitments, including the Sustainable Development Goals (SDGs), Nationally Determined Contributions (NDCs), and the Resilience Sustainability Facility (RSF) under the country's economic reform programme, supported by the IMF.

"The RSF, a three-year initiative providing up to $46 million, is designed to help Seychelles strengthen its climate resilience, maximise synergies and act as catalyst vis a vis other official funding sources, and attract additional private investment in climate-related projects," she emphasised.