Mr Polye says the duo must establish this fund immediately as it will benefit PNG and even countries in the region venerable to the climate change effects.
“I believe the financial facility, if established, will form resilience for the Pacific Island countries against natural disasters or climate change challenges,” said Mr Polye.
Mr Polye’s call comes at the time when the Climate Change Conference in Paris is underway.
Commenting the African, Caribbean, Pacific (ACP) group of states Association’s for the Endowment fund, he said there was more to be done to lift its profile to attract the attention of the huge players in the climate change issue.
He cited among others the United States, World Bank and International Monetary Fund which would like to support its establishment with technical expertise.
He said fragile economies like Vanuatu among others which recently experienced cyclone with a widespread devastation of properties, infrastructure and loss of lives were yet to recover.
“Opposition believes that such fund is a way forward for us.
“It will become a relief for small island economies in their recovery efforts after a natural disaster strikes a particular country, “said Polye.
He said in his former role as the Chairman of World Bank and IMF he took the agenda in 2013 to the attention of WB and IMF’s Asia-Pacific constituency meeting in Washington D.C, USA.
He said they only indicated its validity with keen interest for its establishment, urging O’Neill to seize the opportunity to bid for it.