'We continue to weather the storm:' Regional leader says lingering fuel crisis calls for energy-use cut in the Pacific
- Admin
- 2 hours ago
- 3 min read
By Lisa Leilani Williams
Majuro--The fuel crisis is a Pacific challenge that requires a Pacific response, according to David Paul, chair of the Forum Economic Ministerial.
Economists note that the impact of the global oil crisis lingers despite the ceasefire agreement between the U.S. and Iran.
"In terms of being responsible leaders and stewards of this crisis, we have to implement the same measures and cut down on energy consumption. We continue to weather the storm," Paul said at a press briefing at the conclusion of FEMM 2026 held in the Marshall Islands from June 22 to 24.
He cautioned that the Pacific island region cannot be complacent, given that peace is tentative and prices will remain volatile.
“We all know the MOU between Iran and the U.S. is basically an agreement to negotiate an agreement. What does that mean? I really can’t say too much on that," he said.
“We continue to recognize we are at the end of the global supply chain when it comes to fuel," Paul added.
The slice of time Pacific business leaders get to present directly at the FEMM can deliver greater value for the region, said Mark Stege, a member of the Pacific Islands Private Sector Organization board.
Stege, a Majuro-based consultant and former president of the RMI Chamber of Commerce, was the voice of the Pacific private sector at FEMM.
Having attended many previous ministerials and PIPSO meetings, he is keen to see how PIPSO can best use its access to Pacific leaders.
The private-sector voice has been a standing agenda item at the economic ministerial for more than a decade.
The FEMM itself developed and launched the PIPSO concept soon after Forum Leaders endorsed the idea of hearing directly from Pacific business leaders in 2005.
PIPSO has since evolved into a Pacific-wide connected network of Chamber of Commerce reps with a secretariat based in Suva.
But, after donor funding cycles and two decades since its inception, PIPSO is keen to revamp and reinforce its founding mandate.
For its North Pacific lead, this involves taking the top 10 recommendations from an extensive internal review and applying them to help drive PIPSO ownership of a new strategy for the Pacific private sector.
“PIPSO has a strong implementing role in the (FEMM) Pacific regional private sector strategy,” Stege said.
The strategy has been developed and drafted by the secretariat over the last year or so as part of PRED and support.
Sources say that, depending on the next steps, it will either head to the Pacific Forum Leaders for endorsement this year or await the 2027 leaders meeting.
Stege focused on the strategy in his commentary to the ministers, affirming PIPSO's input and relevance to ensure the words on paper come to life.
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“I acknowledged what they wanted to speak on,” Stege said of the FEMM focus on the global energy crisis and the focus on fuel supplies, “but I also wanted to speak to PIPSO’s revitalization and current review and why it’s worthy of their support.”
He said interventions from the Marshall Islands Chamber of Commerce ensured the spotlight on energy and fuel prices was raised.
While the FEMM outcomes from the two-day sessions are pending, Baron Waqa, secretary general of the Pacific Islands Forum, and his FEMM 2026 chair hinted at what it will cover: messaging on the ongoing fuel, economic, climate and geopolitical crises and the need for a Pacific 2050 response will be key.
There was also mention of how the Biketawa Declaration will support next steps and practical solutions, including digital innovation through the Lomalo Wallet initiative, and progress on the FEMM’s ongoing focus on two key acronyms: the PRED, which stands for Pacific Roadmap for Economic Development, and the PRF, or the Pacific Resilience Facility.
The FEMM 2026 outcomes are expected to link the PRED and the PRF with more details of how Pacific economic ministers will weather the current crises.
Baron Waqa, secretary general of the Pacific Islands Forum, noted that the PRF, which will be headquartered in Tonga, is a step closer to opening its doors.
“We are at the point where we stand up and operationalize the PRF," he said. "Ministers will sit in the council (meeting) of the PRF. They will be very proud that they are here at this very crucial moment in our Pacific history."
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