This information brief is the first in a mini-series aimed at prompting considerations around the development of a Regional Pacific Climate Change Taxonomy drawing on lessons learned from Pacific Island Countries (PICs) that have embarked on this journey as part of their broader Public Finance Management (PFM) strengthening reforms, including key considerations for countries interested to explore this journey.

The brief introduces the concept, rationale, and strategic importance of a Pacific Regional Climate Change Taxonomy in strengthening climate-responsive public financial management. It highlights the growing fiscal pressures faced by PICs, the challenges associated with accessing and tracking climate finance, the importance of a whole-of-government approach to embedding climate considerations across PFM systems and the need for standardised systems to improve transparency, accountability, and decision-making.

Collectively, the mini-series is designed to progressively build understanding, technical readiness, and regional ownership of the taxonomy. The series aims to support governments, development partners, oversight institutions and financial sector actors in improving transparency, accountability and alignment of expenditures and investments with national climate goals and international commitments.