Press Release No. : 10/2025
Date : 04 July 2025
Press Release No 10 – RBF Hosts Green Finance Taxonomy Workshop
Reserve Bank of Fiji Hosts Green Finance Taxonomy Consultation Workshop on Advancing Sustainable Finance for a Greener Future
The Reserve Bank of Fiji (RBF), in partnership with the International Finance Corporation (IFC) convened a second Green Finance Taxonomy Consultation Workshop on 01 July 2025 to mark the significant milestones achieved in Fiji’s journey towards a sustainable and climate resilient financial system.
Since the inaugural workshop in August 2024 work on the development of Fiji’s Green Finance Taxonomy has been guided by a multi sectoral Steering Committee chaired by the RBF Governor, Mr Ariff Ali, with representation from both the public and private sectors. A dedicated Technical Working Group was also established to review and finalise key deliverables. The IFC, supported by Climate Bonds Initiative, serve as technical implementing partners in the project.
In his opening remarks, Governor Ali emphasised the transformative potential of a national taxonomy saying, “A taxonomy will provide clear, science-based definitions and establishes a common language – one that defines what is green, what is sustainable, and what is transitional. A well-defined and structured Fijian taxonomy will empower the financial sector to mobilise private capital towards climate-aligned investments directly supporting Fiji’s environmental and development goals”.
Based on the Green Finance Framework Report the initial phase of the taxonomy focuses on developing the technical screening criteria for the energy and transport sectors including guidance on do no significant harm (DNSH) and minimum social safeguards (MSS). This approach ensures environmental integrity and social responsibility while mitigating risks of greenwashing.
“Developing a national taxonomy is not just a technical exercise. It is about building trust in the market, enabling innovation, and ensuring that capital flows where it can make the greatest impact, by creating jobs, improving lives, and strengthening communities,” said Stefano Mocci, World Bank Group Country Manager for Fiji. “We commend the RBF’s efforts in undertaking a phased approach and aligning the Fiji Green Taxonomy with international best practices. We are also grateful for the support of the Australian Government which has been instrumental in advancing this important initiative.”
Stakeholder engagement remains central to the taxonomy’s development. The RBF will continue to consult with relevant government agencies, financial institutions, private sector entities and development partners to ensure the taxonomy is inclusive, contextually relevant, and robust.
Bank of Baroda Fiji Chief Executive Officer and Association of Banks in Fiji (ABIF) Deputy Chairman, Mr Udesh Kumar expressed strong support for the project stating, “Banks recognise the importance of this initiative and are committed to supporting the on-going work in finalising the Green Finance Taxonomy. While the technical implementation will require a transition, we welcome the leadership of the RBF and the IFC in guiding this process starting with the energy and transport sectors.”
In reaffirming his support, the Permanent Secretary of Environment and Climate Change, Dr Sivendra Michael remarked, “The Government of Fiji has been advocating for climate finance globally and private finance will be crucial in how Fiji tackles climate change challenges. The taxonomy will serve as a critical tool for policymakers and financial institutions to innovate and collaborate, leading to tangible outcomes.”
As next steps the RBF will refine the taxonomy based on stakeholder feedback and hold final consultations. The taxonomy is expected to be launched by the last quarter of 2025 providing a critical tool for investors, policymakers and businesses to identify and support environmentally sustainable projects.
Upon its launch the RBF will work closely with stakeholders to develop a practical implementation plan, ensuring the taxonomy translates into real-world impact across Fiji’s financial system.
RESERVE BANK OF FIJI
For further details, please contact:-
Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj