Federated States of Micronesia: Climate Change and Disaster Risk Finance Assessment - Final Report, February 2019

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Executive Summary

Improved access to and management of climate change and disaster risk finance is a key priority for the Government of the Federated States of Micronesia (FSM). This is critical for achieving national and individual state strategic outcomes related to disaster risk management, climate change adaptation and greenhouse gas emissions reduction in the context of resilient and sustainable development for the people of FSM. It is widely recognized that addressing climate change and weather-related disaster events is not just an environmental issue, but a key development issue for FSM.

The FSM Government has demonstrated its leadership in progressing a number of initiatives and engaging with a range of development partners and regional organizations in order to advance its national priorities. FSM is also showing leadership by encouraging greater ambition and action towards the reduction of greenhouse gas emissions, and advocating for international support for developing countries to achieve their national adaptation priorities, especially through more accessible international financing.

The FSM Climate Change and Disaster Risk Finance Assessment was guided by the Pacific Climate Change Finance Assessment Framework (PCCFAF). This framework has now been applied in nine other Pacific Island countries, and reviews FSM’s climate change and disaster risk program of FSM against seven key pillars: i) policies and plans, ii) funding sources, iii) public financial management and expenditure, iv) institutions, v) human capacity, vi) gender and social inclusion, and vii) development effectiveness. For the most part, the assessment has been focused at the national level, while acknowledging that FSM presents unique circumstances within the region, given both its geographic and administrative makeup. Where possible, more specific analysis and recommendations at the state level have been included.

The assessment has identified a number of recommendations for the government, which are summarized below and discussed in detail within the report. A draft Action Plan is also included, providing timeframes and suggested responsibilities and partners for support, as assigned to each recommendation. This is intended to assist the FSM Government in the progression of these recommendations.