As 2024 draws to a close, the Kingdom of Tonga has solidified its leadership role in the Pacific and beyond, championing resilience and sustainability under Prime Minister Siaosi Sovaleni. Throughout the year, Tonga has forged meaningful partnerships and amplified its voice on the global stage, ensuring that its diplomatic engagements deliver tangible benefits for the nation and the region.
April: Advancing Partnerships at the Island Resilience Summit at EarthX
In April, Prime Minister Sovaleni traveled to Dallas, Texas, to co-host the Island Resilience Summit at EarthX alongside the Island Resilience Partnership. The summit convened private sector leaders, family offices, and government officials committed to achieving the Sustainable Development Goals (SDGs) on the frontlines of climate change.
This outcome-oriented engagement resulted in key developments, including Tonga’s formal partnership with the Family Offices for Sustainable Development (FOSD). Established by the PVBLIC Foundation in partnership with the UN Multi-Partner Trust Fund Office, FOSD mobilizes family office leaders – individuals with extraordinary wealth – around the Sustainable Development Goals.. The partnership would later send a delegation of high-level investors to attend the Pacific Island Forum (PIF-53) in August, fostering connections essential to advancing resilience in Tonga and the Pacific.
The summit also included pivotal discussions with InventWood, a company revolutionizing sustainable construction with its SuperWood product. Backed by a $20M grant from the U.S. Department of Energy, SuperWood is stronger and lighter than steel, resistant to climate-related challenges, and capable of sequestering carbon.
May: Tonga Champions Financial Innovation at SIDS4
In May, the 4th International Conference on Small Island Developing States (SIDS4) convened in Antigua and Barbuda, bringing together Heads of State from 39 nations to address shared challenges and chart pathways toward sustainable development. During the conference, Tonga emerged as a leading advocate for financial innovation, with Prime Minister Siaosi Sovaleni becoming the first leader to sign the Letter of Commitment for the Development Bank for Resilient Prosperity (DBRP).
The DBRP represents a significant shift in how Small Island Developing States (SIDS) can access and structure financing to address their unique challenges. It is designed as a financial institution led by and for SIDS, tailored to meet the specific needs of their economies and communities.
One of the DBRP’s key innovations lies in its approach to valuing natural assets such as oceans, seabeds, and biodiversity. By preserving and conserving these resources, the model seeks to unlock their inherent value to secure more affordable financing. This strategy aims to provide an alternative to traditional debt-based financing that has historically constrained many island nations.
In addition to natural asset valuation, the DBRP is structured to address systemic vulnerabilities faced by SIDS, such as climate risks and infrastructure deficits. The model emphasizes the importance of balancing environmental protection with economic development, providing solutions that align with the priorities of small island economies.
Following Tonga’s leadership, Heads of State from Antigua and Barbuda, Grenada, St. Vincent and the Grenadines, St. Lucia, and St. Kitts and Nevis also signed the Letter of Commitment, reflecting a growing consensus around the bank’s potential to address long-standing financing challenges.
By signing onto the DBRP, Tonga has aligned itself with an initiative that seeks to shift the narrative around SIDS from one of vulnerability to one of opportunity and resilience. The Prime Minister’s endorsement highlights Tonga’s role as a key voice in redefining how small island states can leverage their unique assets to build a more sustainable future.
August: Hosting the Pacific Island Forum in Tonga
In August, Tonga hosted the 53rd Pacific Island Forum (PIF-53) under the theme “Build Better Now.” The forum highlighted Tonga’s ability to convene global leaders, private sector innovators, and impact-driven investors to address pressing challenges.
One of the forum’s standout achievements was Prime Minister Sovaleni’s success in mobilizing an extraordinary array of leaders from across sectors and around the world to attend PIF-53. This tangible outcome reflected his commitment to securing partnerships and building strategic relationships to advance the Pacific’s resilience agenda.
The participation of the FOSD leadership and high-level delegation at PIF-53 underscored the importance of this effort. Sergio Fernandez de Cordova, Executive Chairman of the PVBLIC Foundation, which established FOSD, noted the vital role of the Prime Minister’s leadership:
“Seldom do we encounter a leader as visionary and action-oriented as Prime Minister Sovaleni,” said Fernandez de Cordova. “Through his remarkable leadership and unwavering commitment to resilience and prosperity, he has not only ensured that the Family Offices for Sustainable Development (FOSD) prioritize the Pacific region but has also inspired action among our audience to advance technology transfer and investments. Thanks to the special partnership developed with Prime Minister Sovaleni, FOSD’s leadership and delegation attended PIF-53 in Tonga, reinforcing our commitment to sustainable development in Tonga and across the Pacific. His ability to mobilize strategic partnerships and drive impactful outcomes stands as a model for transformative leadership on the frontlines of climate change.”
Another highlight of the forum was the participation of InventWood’s executive leadership, whom the Prime Minister had engaged earlier in the year. Their presence at PIF-53 resulted in the formalization of a partnership agreement with Tonga, a major step toward advancing climate-resilient infrastructure in the Pacific.
September: Amplifying Resilience at the FOSD Summit
At the Family Offices for Sustainable Development (FOSD) Summit during the 79th UN General Assembly in New York, Prime Minister Sovaleni delivered a keynote address, urging 60 global family office leaders from more than 20 countries to prioritize investment in resilience and sustainable development across the Pacific. His speech highlighted Tonga’s role as a model for leveraging partnerships to address climate challenges and create economic opportunities.
Held at the UN Headquarters, the FOSD Summit connected its family office delegates with Heads of State and UN leadership, solidifying its reputation as one of the most elite gatherings of government and financial leaders inside the United Nations during UNGA. Throughout the year, FOSD has emerged as the world’s preeminent network of impact-driven family office leaders, hosting intimate, private gatherings in the margins of the world’s most significant forums to foster partnerships that advance the Sustainable Development Goals (SDGs).
The summit underscored the importance of private capital in achieving the SDGs, with FOSD serving as a trusted platform for connecting family offices with world leaders and building transformative “partnerships for the goals” in the multilateral space. Prime Minister Sovaleni’s participation reinforced the Pacific’s prominence in global conversations and underscored the unique potential of Tonga and its partners to lead on resilience and sustainability.
September: Announcing the InventWood Partnership at UNGA
Following his participation at UNGA, Prime Minister Sovaleni announced a transformative partnership between Tonga and InventWood. This collaboration will bring InventWood’s SuperWood product to Tonga, with plans to deploy it for the construction of schools, hospitals, and critical infrastructure.
“Tonga faces extreme weather events, and environmental protection and disaster preparedness are of paramount importance,” said Prime Minister Sovaleni. “This partnership with InventWood not only delivers a near-impenetrable building solution for our country but also helps revitalize our local economy and paves the way for other Pacific nations to benefit from climate-resilient innovation.”
InventWood’s CEO Tyler Huggins reinforced the significance of the partnership: “It is extreme environments like those in Tonga and the greater Pacific that underscore how life-changing this innovation is. We’re thrilled to partner with a visionary like Prime Minister Sovaleni, putting a stake in the ground for Tongan generations to come.”
With SuperWood’s ability to withstand the Pacific’s harsh conditions and its proven sustainability, this partnership has the potential to transform resilience and sustainable development across Tonga and the broader Pacific.
November: Advancing Resilience at COP29
In November, Prime Minister Sovaleni co-hosted the COP29 Family Offices Reception in Baku, Azerbaijan, alongside the Republic of Panama and FOSD. This high-level event convened family office leaders, corporate executives, and innovators to discuss public-private partnerships addressing the climate crisis.
As Chair of the Pacific Island Forum, the Prime Minister called on attendees to invest in resilience across the Pacific and prepare for PIF-54 in the Solomon Islands next September.
A Unified Vision for Tonga’s Leadership
Throughout 2024, Prime Minister Sovaleni balanced his global engagements with a steadfast focus on securing tangible outcomes for Tonga and the Pacific. These efforts complemented the critical role of the King of Tonga in guiding the nation’s broader vision, ensuring that all actions reflected the monarchy’s priorities while advancing national and regional goals.
Looking Ahead
As Tonga leads the Pacific Island Forum into 2025, the Kingdom is poised to build on a year of transformative achievements. From fostering global partnerships to championing resilience on the frontlines, Prime Minister Sovaleni’s leadership has strengthened Tonga’s role as a regional and global leader.
With projects like InventWood on the horizon and a continued focus on public-private collaboration, Tonga is inspiring a new era of sustainable development in the Pacific and beyond.
