Minderoo becomes first philanthropic supporter of Pacific Resilience Facility with US$5 million
Minderoo Foundation is supporting a US$5 million (A$7.25 million) philanthropic commitment to the Pacific Resilience Facility (PRF), marking the facility’s first philanthropic contribution and backing Pacific-led efforts to strengthen climate and disaster resilience across the region.
The commitment recognises the disproportionate impacts of climate change on Pacific communities, which have contributed among the least to global emissions yet are experiencing some of its most severe consequences.
Rising sea levels, increasingly severe disasters and growing threats to water security, health, livelihoods and essential infrastructure are not future risks for the Pacific – they are realities communities are confronting right now.
Dr Andrew Forrest AO announced the US$5 million commitment, supported by Minderoo, today at COP31 in Antalya, Türkiye, alongside the Prime Minister of Australia, Anthony Albanese; His Excellency Surangel S. Whipps, Jr., President of the Republic of Palau; Hon. Lord Fakafanua, Prime Minister of Tonga and Murat Kurum, President of COP31.
Dr Forrest said he had a personal connection to the Pacific and shared the deep sense of dismay that island nations feel.
“To the people of the Pacific islands, I’ve lived a little in your world. I’ve watched your maternity wards and your schools be swamped by storms. I’ve held the mothers weeping as they can no longer provide shelter, as their houses have been washed away,” Dr Forrest said.
“There is a vast injustice being wreaked upon the Pacific island states, and you are the least responsible. Yet there is opportunity for that coalition of small island states to hold those who are responsible to account.”
Dr Forrest said the world must move beyond just stopping fossil fuel emissions.
“We in Australia are absolute proof that the technology is with us right now, and with the investment required, we can save a fortune,” he said.
“We as businesses must change. My company Fortescue is leading the charge to prove that going green and stopping burning fossil fuel is the best dividend possible for your people. Even if you have a wooden heart, a soul of steel and no passion for anyone else, you at least understand economics.”
The PRF is the first Pacific-led, owned and managed regional climate and disaster resilience financing facility. It was established to address longstanding barriers that have made it difficult for Pacific nations and communities to access climate finance quickly and at the scale required.
Its work spans climate adaptation, disaster preparedness, nature-based solutions and loss and damage, as well as renewable energy initiatives that strengthen community resilience.
For Pacific nations, climate resilience is also closely linked to energy security. Expanding access to reliable, affordable renewable energy can reduce dependence on expensive imported fossil fuels, strengthen essential services and give communities greater control over their energy future.
Dr Forrest said he was delighted that Minderoo could support the PRF with US$5 million.
“I’ve been given this opportunity to serve my country, to serve the Pacific Islands, and to serve my friends, and I’m honoured to do so. And I will be reaching out to philanthropists all over the world to join this measurable cause for obvious good,” he said.
Minderoo’s support for the commitment marks the PRF’s first philanthropic contribution, with Dr Forrest hoping Minderoo’s participation will demonstrate confidence in the Pacific-led model and encourage other philanthropic and non-government investors to contribute.
Nicola Forrest AO said the US$5 million contribution would do more than add to the PRF’s capitalisation.
“It is an opportunity to demonstrate how philanthropy can support Pacific-led institutions and help catalyse broader investment in the region’s climate resilience priorities,” Ms Forrest said.
“We know those closest to the problem are often best placed to put forward workable solutions. This is particularly important for women and girls across the Pacific, who are disproportionately affected by climate change and often carry the greatest burden when extreme weather, rising sea levels and food and water insecurity threaten their communities.
“Women are also powerful agents of change, leading adaptation efforts and strengthening community resilience. We must ensure their voices are heard, their leadership is supported and they have access to the resources and investment needed to shape a more resilient future for the Pacific.”
The PRF has secured approximately US$190 million in commitments towards its initial US$500 million capitalisation target, with Australia its largest donor through a commitment of A$100 million.
Minderoo’s support for the commitment forms part of Minderoo Foundation’s broader Climate Action work, which includes supporting the transition away from fossil fuels and accelerating the shift to renewable energy.
Supporting Quotes
His Excellency Surangel S. Whipps, Jr., President of the Republic of Palau and Chair of the Pacific Islands Forum
“For Pacific nations, climate change is not a distant threat. It is already reshaping our coastlines, threatening our livelihoods and putting the futures of our communities at risk. Yet too often, those on the frontlines of this crisis face the greatest barriers to accessing the finance they need to respond.
“The Pacific Resilience Facility represents a fundamental shift. It is a solution designed and owned by the Pacific and driven by the priorities of our people. It recognises that those living with the consequences of climate change must have the resources and the authority to shape their own futures.
“Minderoo Foundation’s historic commitment demonstrates the powerful role philanthropy can play in backing locally led solutions and helping bridge the gap between ambition and action. I thank Dr Andrew Forrest and the Minderoo team for their leadership and for recognising that investing in Pacific resilience is an investment in our shared future.
“We hope this commitment inspires others to follow. Our nations do not lack the solutions or the determination to act. What we need are partners willing to invest in our leadership and help turn our ambitions into lasting change.”