NADI, Fiji, Oct. 5 (Xinhua) -- The Fijian government on Monday launched a five-year plan to participate in international carbon markets under the Paris Agreement.
The Five-Year Costed Carbon Market Plan (2026-2030), launched on the opening day of the preparatory meeting for the 31st UN Climate Change Conference (Pre-COP31) in Nadi, is estimated to cost 5.2 million Fijian dollars (about 2.3 million U.S. dollars). It aims to enable Fiji to complete its first international carbon trade by 2030.
The plan outlines five-year measures covering regulation, technical capacity, institutional arrangements and market infrastructure. It also provides a framework for the government to seek financial and technical support from development partners, donors and potential carbon buyers.
International carbon markets allow countries to generate and trade verified emissions reductions. Fiji said participation in such markets could help mobilize additional climate finance for renewable energy, sustainable forestry, waste management, resilient livelihoods and the protection of natural ecosystems.
Fijian Minister for Rural and Maritime Development and Disaster Management Mosese Bulitavu said carbon markets should deliver benefits beyond carbon trading and ensure that local communities and resource owners benefit from related investments.
Bulitavu added that the country needs to put in place the necessary systems, safeguards and partnerships to participate in international carbon markets while protecting its national interests. ■
