Latest news with #MVI
Scoop
02-07-2025
- Business
- Scoop
Pacific Leaders Demand Fairer Global Finance At UN Conference Delivered By The Prime Minister Of Tuvalu, Chair Of PSIDS
Seville, Spain, 30 June 2025 – At the second plenary session of the 4th International Conference on Financing for Development (FfD4), Tuvalu's Prime Minister Hon. Feleti P. Teo, in his role as Chair of the Pacific Small Island Developing States (PSIDS), delivered a powerful group statement calling for urgent reforms to the global financial system. 'The choice before us is stark: stand with the most vulnerable and deliver justice, or uphold a flawed system that deepens inequality and crisis,' declared Prime Minister Teo. Amid rising climate threats, deepening debt crises, and a widening development financing gap, the PSIDS group urged bold global action across six key areas: Climate Justice Now: Prime Minister Teo questioned the lack of urgency, asking, 'Where is the Marshall Plan for climate action?' and called for scaled-up climate finance and immediate replenishment of the Loss and Damage Fund. Targeted Support for Vulnerable Countries: The PSIDS welcomed the reaffirmation of SIDS as countries in special situations and pushed for the immediate use of the Multidimensional Vulnerability Index (MVI) in allocating concessional finance. Tackling Inequities in Global Taxation: The group supported a UN Framework Convention on Tax Cooperation, advocating for fair taxation of billionaires and multinationals, with PM Teo stating, 'A 2% tax on billionaire wealth could unlock $250 billion annually — enough to start closing global financing gaps.' Restore Correspondent Banking Access: The group called for concrete action to protect vulnerable jurisdictions in the Pacific from losing vital international banking relationships. Financing the Ocean Economy: Reaffirming that the ocean is core to PSIDS identity, the group demanded that ocean initiatives — like SDG14 and the BBNJ Agreement — be fully funded and integrated into global mechanisms. A Just Transition from Fossil Fuels: Disappointed by the removal of fossil fuel phase-out language from the outcome document, the PSIDS called for a 'just, equitable, and time-bound global phase-out.' 'PSIDS contributed negligibly to this emergency — yet here we are, bearing its full cost,' Prime Minister Teo reminded delegates. The Pacific Small Islands Developing States PSIDS, endorsed the Sevilla Platform for Action as a critical tool for follow-through, while also expressing concern over the dilution of ambition in the final outcome document. 'What we need now is not more plans, but political will, bold leadership, and relentless implementation,' said Prime Minister Teo in closing. As small island nations with vast ocean territories and deep cultural resilience, the PSIDS continue to advocate for a global financing system that is fair, future-focused, and fit for purpose.
Scoop
01-07-2025
- Business
- Scoop
Pacific Leaders Demand Fairer Global Finance At UN ConferenceDelivered By The Prime Minister Of Tuvalu, Chair Of PSIDS
Seville, Spain, 30 June 2025 – At the second plenary session of the 4th International Conference on Financing for Development (FfD4), Tuvalu's Prime Minister Hon. Feleti P. Teo, in his role as Chair of the Pacific Small Island Developing States (PSIDS), delivered a powerful group statement calling for urgent reforms to the global financial system. 'The choice before us is stark: stand with the most vulnerable and deliver justice, or uphold a flawed system that deepens inequality and crisis,' declared Prime Minister Teo. Amid rising climate threats, deepening debt crises, and a widening development financing gap, the PSIDS group urged bold global action across six key areas: Climate Justice Now: Prime Minister Teo questioned the lack of urgency, asking, 'Where is the Marshall Plan for climate action?' and called for scaled-up climate finance and immediate replenishment of the Loss and Damage Fund. Targeted Support for Vulnerable Countries: The PSIDS welcomed the reaffirmation of SIDS as countries in special situations and pushed for the immediate use of the Multidimensional Vulnerability Index (MVI) in allocating concessional finance. Tackling Inequities in Global Taxation: The group supported a UN Framework Convention on Tax Cooperation, advocating for fair taxation of billionaires and multinationals, with PM Teo stating, 'A 2% tax on billionaire wealth could unlock $250 billion annually — enough to start closing global financing gaps.' Restore Correspondent Banking Access: The group called for concrete action to protect vulnerable jurisdictions in the Pacific from losing vital international banking relationships. Financing the Ocean Economy: Reaffirming that the ocean is core to PSIDS identity, the group demanded that ocean initiatives — like SDG14 and the BBNJ Agreement — be fully funded and integrated into global mechanisms. A Just Transition from Fossil Fuels: Disappointed by the removal of fossil fuel phase-out language from the outcome document, the PSIDS called for a 'just, equitable, and time-bound global phase-out.' 'PSIDS contributed negligibly to this emergency — yet here we are, bearing its full cost,' Prime Minister Teo reminded delegates. The Pacific Small Islands Developing States PSIDS, endorsed the Sevilla Platform for Action as a critical tool for follow-through, while also expressing concern over the dilution of ambition in the final outcome document. 'What we need now is not more plans, but political will, bold leadership, and relentless implementation,' said Prime Minister Teo in closing. As small island nations with vast ocean territories and deep cultural resilience, the PSIDS continue to advocate for a global financing system that is fair, future-focused, and fit for purpose.
Finextra
18-06-2025
- Business
- Finextra
Republic of Nauru to establish dedicated virtual asset regulatory authority
In a landmark move for the Pacific region, the Nauru Parliament yesterday passed legislation to establish a dedicated virtual asset regulatory authority. 0 The Bill establishes the Command Ridge Virtual Asset Authority (CRVAA), named after the highest point of land in Nauru, as an autonomous regulator overseeing virtual assets, digital banking, and Web3 innovation. It will provide a licencing scheme that will allow virtual asset service providers (VASPs) to register and offer their services using Nauru as a base. Nauru President David Adeang said the regulation would pave the way for Nauru to be a digital asset leader in the region and is another step towards strengthening financial integrity, investing in future generations, and forging new pathways for resilience. He pointed out that Nauru is one of the Pacific's most at-risk nations, acknowledged under the United Nations Multidimensional Vulnerability Index (MVI), for its heightened exposure to economic and environmental shocks, and that the Government needed to embrace innovation. 'This bold step aims to harness the potential of virtual assets to diversify revenue streams and fortify economic resilience,' he said. 'By implementing robust oversight of VASPs, Nauru aims to foster sustainable growth, channel new financial inflows into strategic instruments such as its Intergenerational Trust Fund, and reduce its reliance on climate financing, which is often challenging to secure.' The President said Nauru aspires to secure a more sustainable and self-reliant economic future. 'We want to be a government of solutions and innovation, be proactive not passive, and positively approach the future with boldness,' he said. Minister for Commerce and Foreign Investment Maverick Eoe told Parliament that more countries are recognising the potential of virtual assets from blockchain technologies to decentralised finance. 'This Bill proposes to introduce a framework that will put Nauru on par with other countries leading in the development of their digital economies and generating revenue from such developments,' he said. 'The licensing framework….ensures Nauru becomes a competitor, attracting businesses that bring investment, job creation, and financial innovation,' he said. 'By regulating VASPs, token issuance, and secure digital transactions, we can position Nauru as a hub for these types of innovation and development within this part of the world. He said the legislation is a commitment to the future prosperity of the country and a statement that Nauru does not fear the digital transformation, but embraces it and leads within the Pacific region. CRVAA will be tasked with ensuring cybersecurity standards, monitoring financial transactions and enforcing compliance with international anti-money laundering and financial transparency protocols. The Bill, which provides unmatched legal certainty for the token-issuer, introduces a groundbreaking token classification system that provides long-awaited clarity for the global crypto industry, stating that: Cryptocurrencies are presumed commodities, not securities; Utility and payment tokens are excluded from investment contract status; Governance and reward tokens are protected from misclassification The Nauru law defines the activities subject to CRA authorisation as follows: Operation of centralised or decentralised virtual asset platforms Exchange services between virtual assets and/or fiat currencies Custodial and non-custodial virtual asset wallet services Issuance of virtual tokens, including ICOs, STOs, and NFTs Lending, staking, yield farming, and decentralised finance (DeFi) services Stablecoin issuance and cross-border payment solutions Operation of digital banks and digital payment platforms Issuance and management of E-money
Scoop
14-06-2025
- Politics
- Scoop
Palau's President Says New Index Should Be Used To Classify Economic Position
'We face profound socioeconomic vulnerability and we cannot let GDP alone determine our eligibility for support.' Christina Persico Palau's president says the country is sometimes classified as a high-income nation based on its gross domestic product (GDP) – something he called a 'pressing injustice'. Surangel Whipps Jr delivered an address at the Global Platform for Disaster Risk Reduction in Geneva, Switzerland, last week. Whipps said this classification ignored a 'deeper truth'. 'Many of our people live in income poverty,' he said. And climate disasters pushed them deeper into that, Whipps said. 'We face profound socioeconomic vulnerability and we cannot let GDP alone determine our eligibility for support.' He said the UN's multidimensional vulnerability index (MVI) should be used to 'ensure a more just and accurate measure of our economic reality'. The United Nations is working with small island developing states (SIDS) on the development and implementation of an MVI. The UN said most SIDS are not the poorest nations, but their costs are so much greater – and accessing financing is more difficult. 'A multidimensional vulnerability index has the potential to ensure truly inclusive sustainable development,' it said. 'These small island nations have repeatedly said that traditional measures of development insufficiently capture their vulnerabilities. 'When it comes to financing, debt relief and aid, the use of unsuitable, outdated, simplistic [gross national income] measurements unfairly lock out SIDS from accessing the help they need.' Whipps also spoke on climate impacts in his nation, and said the dialogue's theme – 'Everyday counts – act for resilience today' – 'resonates deeply with us in Palau'.
Scoop
14-06-2025
- Business
- Scoop
Palau's President Says New Index Should Be Used To Classify Economic Position
Palau's president says the country is sometimes classified as a high-income nation based on its gross domestic product (GDP) - something he called a "pressing injustice". Surangel Whipps Jr delivered an address at the Global Platform for Disaster Risk Reduction in Geneva, Switzerland, last week. Whipps said this classification ignored a "deeper truth". "Many of our people live in income poverty," he said. And climate disasters pushed them deeper into that, Whipps said. "We face profound socioeconomic vulnerability and we cannot let GDP alone determine our eligibility for support." He said the UN's multidimensional vulnerability index (MVI) should be used to "ensure a more just and accurate measure of our economic reality". The United Nations is working with small island developing states (SIDS) on the development and implementation of an MVI. The UN said most SIDS are not the poorest nations, but their costs are so much greater - and accessing financing is more difficult. "A multidimensional vulnerability index has the potential to ensure truly inclusive sustainable development," it said. "These small island nations have repeatedly said that traditional measures of development insufficiently capture their vulnerabilities. "When it comes to financing, debt relief and aid, the use of unsuitable, outdated, simplistic [gross national income] measurements unfairly lock out SIDS from accessing the help they need." Whipps also spoke on climate impacts in his nation, and said the dialogue's theme - 'Everyday counts - act for resilience today' - "resonates deeply with us in Palau".
